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

(BEGIN VIDEO CLIP)

AMANPOUR (voice-over): Welcome to viewers here and around the world. I'm Christiane Amanpour, and at the top of the news this week, the president and the new Congress.

OBAMA: We can't afford two years of just squabbling.

AMANPOUR: Is it time for compromise?

BOEHNER: The American people will want us to focus on their message during the election.

AMANPOUR: Or is it time for gridlock?

MCCONNELL: If the administration wants cooperation, it will have to begin to move in our direction.

AMANPOUR: This morning...

(UNKNOWN): We've come to take our government back!

AMANPOUR: ... Mr. Smith goes to Washington, an exclusive interview with Rand Paul, Tea Party senator-elect. Then, wedded to tax cuts.

(UNKNOWN): Cut taxes.

(UNKNOWN): Cut taxes.

(UNKNOWN): Cut taxes.

(UNKNOWN): Cut taxes.

(UNKNOWN): Cut taxes.

AMANPOUR: Their hero may be Ronald Reagan, but his tax man says that'll finish the economy off, while this Republican says tax cuts will revive it. David Stockman versus Michael Pence, an exclusive "This Week" debate. Plus, our roundtable, Democratic Senator Evan Bayh and former Obama adviser John Podesta join ABC's George Will, political director Amy Walter, and former Bush strategist Matthew Dowd.

And remembering another historic election 50 (ph) years ago this week.

Plus, the Sunday funnies.

LETTERMAN: That's where our kids will live, the future, Republicans and Democrats working together. We're screwed.

(END VIDEO CLIP)

ANNOUNCER: From all across our world to the heart of our nation's capital, ABC's "This Week" with Christiane Amanpour starts now.

AMANPOUR: Hello again, everyone. After Tuesday's election, Republicans have the largest House majority since the late 1940s during the Truman administration. What they do with that majority and whether Democrats and Republicans will work together is our focus this morning. ABC's John Donvan starts us off.

(BEGIN VIDEOTAPE)

DONVAN (voice-over): Listen and see if you can pick out -- and it's going to be easy, actually -- the hottest, hippest word of the week.

(UNKNOWN): Well, it was a historic election.

(UNKNOWN): A historic...

(UNKNOWN): ... historic...

(UNKNOWN): ... historic...

(UNKNOWN): ... historic night.

(UNKNOWN): ... historic...

(UNKNOWN): ... historic election.

DONVAN: You got it. What we saw in this election, a president who took a shellacking...

OBAMA: I'm sure there are easier ways to learn these lessons.

DONVAN: ... a GOP that gets to gloat again, just careful not too much...

BOEHNER: This is not a time for celebration. It's a time to roll up our sleeves and go to work.

DONVAN: That outcome made this election -- oh, here we go again...

(UNKNOWN): ... historic opportunity here...

DONVAN: Yes, historic.

(CROSSTALK)

DONVAN: Or maybe not. Simply put, history is the writing down of what happens, and a lot of things happened, happened even last week. Giants over Rangers to take the Series in five, it happened, but was it historic? Maybe if you live in the Bay Area. For the rest of us, though, historic is defined by what gets remembered long afterward, for changing what followed, like Susana Martinez, the Republican who won the governor's race in New Mexico Tuesday.

BLITZER: She's a Latina, and so this is historic in New Mexico.

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