'This Week' Transcript: Holder and Giuliani

But over time, we've got to get that deficit down. We've got to get the -- and I think that the administration is going to be challenged by this, and I think that's why Secretary Gates' speech yesterday talking about the need to even restrain the growth of military spending and use those savings to support the force structure that's necessary is -- was quite a significant speech, and probably didn't get as much attention as it deserved.

TAPPER: We only have a couple more minutes, but I want to turn to some big breaking news from yesterday, which was in Utah. Incumbent Senator Bob Bennett lost his party's primary. Here's Senator Bennett reacting to the news.

(BEGIN VIDEO CLIP)

BENNETT: The political atmosphere, obviously, has been toxic. And it's very clear that some of the votes that I have cast have added to the toxic environment. Looking back on them, with one or two very minor exceptions, I wouldn't have cast any of them any differently, even if I had known at the time they were going to cost me my career.

(END VIDEO CLIP)

TAPPER: Shelby, what's going on? This guy's a pretty legitimate conservative. I mean, I know he's done some things that have angered the right, but he's not a liberal.

STEELE: That's right. No, he's a sort of classic, down-the-line conservative. But I think that -- and there's some anti-incumbent sentiment here -- but I think the Tea Party and conservatives generally at this point are looking for conservatives who are anti-Obama, in that this has a -- this is really as much a reaction to Obama and -- and the kinds of expansion of government and so forth that he's -- that he has embarked on, as -- as -- I think it's more that than a fight among conservatives, and that Bennett is sort of, in a sense, a casualty of Obama.

TAPPER: George?

WILL: This is an anti-Washington year. How do you get more Washington than a three-term senator who occupies the seat once held by his father, a four-term senator, who before that worked on the Senate staff and then as a lobbyist in Washington? He's a wonderful man and a terrific senator, but the fact is, he's going against terrific headwinds this year, and he cast three votes, TARP, stimulus, and an individual mandate for health care.

Now, you might like one, two or all three of those, but being opposed to them is not outside the mainstream of American political argument.

TAPPER: Twenty seconds, Robin. What's going on here?

WRIGHT: Well, it's the beginning of a trend. You have the next coming up, Kentucky, and Arizona, and New Hampshire. We're likely to see this elsewhere. It's fascinating to see how many new delegates were participating in the -- yesterday. Democracy's about the majority, but it's about the majority of people who participate. And in this case, a certain kind of people participated, and their candidate won.

TAPPER: All right. The roundtable is going to continue in the green room on abcnews.com. And later, check out our fact checks.

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