'This Week' Transcript: Timothy Geithner

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AMANPOUR: Up next, Tea Party nation. Sarah Palin and Donald Trump rallying the faithful across the country this weekend. The movement has already taken Congress by storm and changed the conversation here in Washington. We've gathered a group of Tea Party freshmen to ask whether they've only just began the fight.

(COMMERCIAL BREAK)

(BEGIN VIDEO CLIP)

SARAH PALIN, FORMER ALASKA GOVERNOR: We didn't elect you to just stand back and watch Obama redistribute those deck chairs. What we need is for you to stand up, GOP, and fight.

(END VIDEO CLIP)

AMANPOUR: Sarah Palin at a Tea Party rally in Wisconsin this weekend. Her message to the movement's representatives in Congress, don't sell out your principles. Those principles -- small government, big cuts -- are setting the agenda in Washington these days.

Tea is the drink of choice on Capitol Hill and as John Donvan tells us, it may be the flavor of the month at the White House too.

(BEGIN VIDEOTAPE)

JOHN DONVAN, ABC: Tea? No, that would be water, and there you have beer, champagne, soda pop, a nice, cold smoothie, a shot of orange juice, and yes, OK, he also drinks tea. In fact, it seems he has had to swallow quite a bit lately. So much so, that this week, when the president at last put forth a budget proposal of his own, it sounded somewhat tea-stained in places.

OBAMA: We have to live within our means. We have to reduce our deficit.

DONVAN: A message not at all like the theme he rode into office. Remember?

OBAMA: I do believe the government should do that which we cannot do for ourselves. That's why I'm going to create a $25 billion fund to help states and local governments pay for health care, pay for education.

I do think it's important for the federal government to step up.

DONVAN: But then some new folks came to Washington, and they have really changed the conversation. The 59 members of Congress sworn in this season who are not only Republicans, but who are also marching behind this, and the movement that has claimed it for itself, the Tea Party, which wants smaller government and lower taxes, whose supporters a mere two years ago were only really just getting acquainted with each other when they took to the streets. A lot of folks who didn't do politics before, and now some of them are in politics.

He owned a pizza parlor. He's a dentist from Washington state. A funeral director from Florida. A nurse. And he, a car salesman from California.

They came in saying they wanted to change things. Wait, that was his line.

OBAMA: That's what change is.

DONVAN: But the Tea Party folks may, may have a better shot at that, because their obvious distaste for the politics of compromise -- that is what changed the conversation, and almost shut the government. And yet when a deal was reached that cut the budget by $38.5 billion, which is historic, they had wanted 100 billion. That's why many of them defied their own Republican House Speaker John Boehner, voting against a deal that he reached so that then he needed a lot of Democratic votes to pass it, raising the question who is leading whom? They of course are still going to want big tax cuts, and that's going to be a fight, because he also talked this week about government that is worth saving. And said.

OBAMA: There's nothing serious about a plan that claims to reduce the deficit by spending a trillion dollars on tax cuts for millionaires and billionaires.

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