'This Week' Transcript: Rand Paul, Rep. Mike Pence and David Stockman

BAYH: The real problem, Christiane -- the political process is not delivering the results the American people want. We've got systemic dysfunction because of the ideological polarization. Most people want practical problem-solving in the middle. That's not what we're getting right now. So the independents went 8 percent for the Democrats two years ago; this time, they went 15 percent for the Republicans. I think John's right. They're likely to go back and forth until they see the kind of progress they want.

AMANPOUR: The tax battle is going to be a big one. It's going to come up pretty soon. Let me just play you what Warren Buffett has said about this, as we heard from Rand Paul, we heard David Stockman and Mike Pence talk about it. Let -- let me just say what Warren Buffett thinks.

(BEGIN VIDEO CLIP)

BUFFETT: We're going to have to get more money from somebody. Now, the question is, do we get more money from the person that's going to serve me lunch today or do we get it from me?

(END VIDEO CLIP)

AMANPOUR: Well, there you go. That's the question. And this to you, is progressive politics dead? Are your liberal ideas dead?

PODESTA: Well, I think that, two years ago, people thought there was an ascendancy. And two years from now, we'll see whether the president can -- can restore his standing with the American people and move the country forward. So I don't think it's dead. I think you had -- you had an electorate that was skewed very much differently than it was in 2008, but he's going to have -- as I said -- to come forward and -- and not only try to find compromise, but I think he's going to have to fight for principle, too. And I think that's where this tax fight is really going to -- that's where the rubber's going to hit the road. He said -- President Obama's answered that question. He said we're going to take that money from millionaires. The question is whether he can offer the Republicans something in exchange. I think one of the ideas that -- that he could substitute for tax cuts for the very wealthiest Americans is perhaps a payroll holiday, which the Republicans have endorsed, which would actually create more jobs. So there's going to have to be some give-and-take, but I think there's also got to be principle underlying that.

DOWD: To me, the fundamental problem -- the fundamental problem in this, right now, I think -- and both parties have huge credibility problems on this issue from different perspectives on it -- the problem is of asking people to pay more in taxes to a government they don't trust is never going to work. Until they trust that the federal government can get the job done efficiently and effectively, they are not going to want to put more money in the system. But if you're a Republican, in order to maintain some level of credibility, if you want to extend the Bush tax cuts, in my view, then you have to say, we're going to extend this, but we also have to cut this in order to even the score, because if you want to fight the deficit, you can't do both.

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