Transcript: Speaker Nancy Pelosi Speaks to ABC's Diane Sawyer

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NANCY PELOSI: Well, I hope that-- John Boehner will be-- the-- the Speaker in a way that he leads. I hope that he's not-- held back by the flow of ship. We always say around here-- you have a-- convoy theory. That the whole-- Congress will go as slow as the slowest ship.

Well, the American people who are waiting for jobs can't wait-- can't have that convoy theory. They need something that-- that takes us forward in a way that, again, gives confidence to the American people. We believe that the fundamentals are in place, that job creation didn't come soon enough, but it is on the way if we can accelerate that. Now, why I think-- it will have a good chance is that-- many of our-- solutions have been market-oriented, have been private sector initiatives, that have had the support of the Republicans in the past. And so, hopefully-- again, we can find common ground based on-- public incentive, but a private role.

Now, John Boehner is a very amiable person. He has many friends in the Congress, and hopefully, he can continue-- he will continue to have those relationships as he goes forward, and that his-- his conference will allow him to do that.

DIANE SAWYER: It's a high school question, but do you like him?

NANCY PELOSI: Of course. Yes. We've had a good rapport. As I did with President Bush. You know, I-- I'm always very respectful of my colleagues. And the people they represent, and the fact that he has been the Democratic [sic] leader.

DIANE SAWYER: Looking to what happened last night, will President Obama win in 2012?

NANCY PELOSI: Well, it-- I-- looking at what happened last night, what we heard and saw last night is-- let's understand the message. The message was not, "I reject the course that you are on." The message is it didn't go fast enough to produce jobs. So, I would hope that as we go forward, the job numbers will improve, and that will be good-- not only for the President, but for all members of Congress. But again, it will rely on job creation.

DIANE SAWYER: Will-- will--

NANCY PELOSI: I believe that Barack Obama will serve-- serve eight years as President of the United States. I believe that the investments that he's made-- some of them are longer term, because he thinks in a statesman-like way, and that's why they didn't get the full impact now. I believe that he will-- also-- demonstrate to the American people, and he has, that what we had to do in the short term is because we had an emergency situation from the previous administration that had to be dealt with.

Some people interpreted that as too activist. But it was emergency, and it saved us from a depression. And-- or a deeper recession. And I-- I believe that he, as a, has extended the bipartisan hand of friendship so many times to the Republicans. Hopefully now they will accept that.

DIANE SAWYER: Democrats be back in 2012?

NANCY PELOSI: We're always ready to come back. But let's say this. Let's just do what is right for the American people. And as those of us who are involved in politics and in government know that our responsibility is to the American people. That we have a responsibility to find our common ground, to seek it and to find it.

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