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

BAYH: This is an important point Matt just made. The Democrats, we have to address the deficit. If you look what was driving independents, the people who voted in Massachusetts for Scott Brown, and even to this election, it was the deficit and the debt. The economy, but the fiscal problems. Our solution to the fiscal problems can't only be tax increases. We have to stand for spending restraint, as well. And Matt's point, back in -- in the Clinton time, remember reinventing government? They understood we have to convince the taxpayers, show the taxpayers that they're getting value for their dollar. That's very important. The final thing I'd say, look at the U.K. A coalition government comes in. You've got conservatives coming in. They don't like tax increases there, either, so their solution was 75 percent spending restraint. But once they got that, they then put 25 percent revenue on the table. So a compromise can be worked out.

AMANPOUR: Well, yeah, and they're -- they're saying there, for every $3 in tax -- in -- in spending cuts, $1 up in taxes.

BAYH: And that's a conservative government.

AMANPOUR: Precisely. At all a goer (ph)?

WILL: No. What the Republicans will say is, if you extend all the Bush tax cuts, you will still be raising as a percentage of GDP about 18 percent in federal revenues, which is slightly above the postwar norm. The Republicans do not think we have a tax -- problem of too low taxes, but too much spending.

AMANPOUR: Let me just go to Amy Walter. Amy, there was a lot -- and we saw a lot of the Tea Party candidates and many of the candidates presenting for election this time were women. But the net result is not more women, is it? Tell us what's happened with the women vote and the women representation.

WALTER: Yeah, no, it was very interesting. I mean, the net result, in terms of Congress, there -- for the first time in 30 years, there are fewer women in Congress. But I do think it's -- an important point is, who is visible, the women symbolically who are out front right now, and who are we talking about now, less than a week away from Election Day? We're talking about Nancy Pelosi. We're talking about Sarah Palin. We're talking about the first woman Hispanic elected to the governorship in New Mexico. We're talking about the first Indian-American woman elected in South Carolina as governor, Nikki Haley. So while the numbers themselves weren't particularly good for women, the fact that more women are sitting at the table -- in fact, the other person I forgot to mention is Michele Bachmann, self-appointed Tea Party activist and leader in the House, who is challenging the Republican establishment there for a seat in the caucus. So I think while, you know, we may not see the numbers that have increased, what we do see is more women who are making very important and very -- are very much upfront in this process.

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