'This Week' Transcript: Former President Bill Clinton

HUNT: Well, if you put a simple transparency requirement in there that those people who bought it had to know that Mr. Paulson put it together, that would go a long way towards -- I mean, nothing -- nobody should be able to stop instruments like this. It's a question of transparency.

I also think that the Republicans -- I don't think you can group the Republicans, you know, as one monolithic bloc. I think this is quite different than health care. They all signed a letter, to be sure, but the minute they signed that letter, the 41 Republicans, Bob Corker said, wait a minute, this is not -- you know, this is not the end. This is just so we can get in the process.

I think there probably are 10 or 15 Republicans who either believe there should be a bill or very much want to vote for a bill. I think that's quite different than the health care debate.

TAPPER: But, Donna, do you think that the Democrats will be able to pick up some Republican votes on this?

BRAZILE: I think so. I think Sue Collins, who was a former financial regulator, she's eager to come back to the table. Shelby -- just a month ago, Senator Shelby, the ranking member on the Banking Committee, said that he agreed with 80 percent of the bill.

So I think that Senator Reid will be able to go out there and find a few Republicans. And who knows? Scott Brown might be the missing link again.

TAPPER: George, do you think that the politics -- and I know you said that Republicans need to articulate their case better -- but the Democrats who say that the politics are on their side as opposed to in the health care reform battle, don't they have a point? Isn't the public just see Republicans as obstructing laws and the public just wants more laws on this?

WILL: I think that's right. And that's why what Al talks about -- Senator Corker of Tennessee, a first-term senator, has been very active in this with Senator Warner across the aisle, a Democrat from Virginia. And I think, at the end of the day, there's going to be a bill with 70 votes.

TAPPER: OK, moving to a different topic, there was a breaking story in the New York Times today about the defense secretary, Robert Gates, sending a memo to President Obama's national security adviser, Jim Jones, and basically, the memo said, "Mr. Gates wrote of a variety of concerns, including the absence of an effective strategy should Iran choose the course that many government and outside analysts consider likely: Iran could assemble all the major parts it needs for a nuclear weapon -- fuel, designs and detonators -- but stop just short of assembling a fully operational weapon."

"The memorandum also calls for new thinking about how the United States might contain Iran's power if it decided to produce a weapon and how to deal with the possibility that fuel or weapons could be obtained by one of the terrorist groups Iran has supported."

Basically, Gates is sounding an alarm: We do not have a long- term strategy for how to deal with Iran. George?

WILL: Our strategy is to hope that something that does not exist will do something unprecedented. What does not exist is the international community about which we talk, which does -- it's a fiction, a rhetorical bewitcher of our intelligence.

What it is supposed to do, this non-existent thing, is come up with sanctions that bite, that are going to change history and make nations come to heel. I don't know when that has ever happened before.

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