ADDED: Transcript. [Analysis coming soon!]
ACTUALLY: It's too boring to pick apart. I've got to give Axelrod that. After the break, you can read the interchange about the deficit commission that annoyed me so much.
WALLACE: ... The co-chairs of the deficit commission, Erskine Bowles and Alan Simpson, both of whom the president appointed, came out with a plan this week to cut our debt by $4 trillion over the next decade.
Will the president include some of those proposals in his budget in February?
AXELROD: Well, we're obviously very, very interested. The president empaneled this commission for purposes of looking at this very difficult problem, and we're eager to look at all the recommendations once the commission reports. And his commitment to the chairman was to not -- was to refrain from commenting on their work until after December 1st.
But obviously, we're looking for all good ideas to help deal with our long-term debt problem. This is something that is going to affect our economy. It affects our kids. And we need to deal with it.
WALLACE: You say refrain from commenting. Nancy Pelosi didn't refrain from commenting. She immediately rejected the package as, quote, "simply unacceptable." Does the president agree or disagree that this package is simply unacceptable?
AXELROD: Well, I've seen comments from the left and the right on this, Chris, in fairness.
WALLACE: Well, I'm asking about Nancy Pelosi.
AXELROD: ... on the -- on the -- I understand. But I'm telling you that there were comments on both sides about this. And of course, this is something that we have to confront as we move forward.
One thing I know, Nancy Pelosi had concerns that -- and I understand those concerns and I respect those concerns. The truth is that as we move forward, if one side says we can't raise any taxes on anybody or any interest, and the other side says we can't cut anything, we're obviously not going to make progress on this. And our interest is in making progress on this.
Within that, we're going to protect important equities, for sure. I mean, we shouldn't cut without sensitivity to the impact of those cuts, and certainly Social Security, which is something she's concerned about, is a great concern to us.
But we should move forward in the spirit of cooperation, because we're not going to solve this, one party or the other, alone. We have to...
WALLACE: All right.
AXELROD: ... do it together.
WALLACE: All right. I want...
AXELROD: And that's what we want to do.