CNBC Press Releases

WHEN: Monday, October 15 at 12:30PM
WHERE: "Power Lunch"

The following is the unofficial transcript of a CNBC interview with Speaker of the House, Representative Nancy Pelosi on CNBC's "Power Lunch" today. All references must be sourced to CNBC.

Live from The Four Seasons Restaurant in New York City, CNBC's John Harwood interviews Speaker of the House, Representative Nancy Pelosi, on CNBC's "Power Lunch." During the interview, Pelosi discusses the economy, the spending war with President Bush, Bush's SCHIP veto and taxing private equity, among other topics.

JOHN HARWOOD: THANKS, SUE AND BILL, I'M JOINED BY NANCY PELOSI, THE SPEAKER OF THE HOUSE. WELCOME.

NANCY PELOSI: MY PLEASURE TO BE HERE, JOHN.

JOHN HARWOOD: LET ME START BY ASKING YOU ABOUT THE ISSUE OF TAXES, WHERE YOU STAND IN POLITICS DEPENDS ON WHERE YOU SIT, AND A LOT OF PEOPLE SITTING WHERE WE'RE SITTING RIGHT NOW IN NEW YORK LOOK AT THE DEMOCRATIC AGENDA, THERE'S CONSENSUS THAT UPPER INCOME TAX RATES ARE GOING TO GO UP THE BUSH TAX CUTS ARE GOING TO GO UP WHEN THEY EXPIRE. STEP BACK AND THINK, THAT'S CRAZY. WHY WOULD YOU MESS WITH AN ECONOMY THAT THE STOCK MARKET'S DOING WELL, WE'VE BEEN GROWING FOR 49 MONTHS IN A ROW, WHAT'S YOUR ANSWER?

NANCY PELOSI: WELL, FIRST OF ALL, THERE'S BEEN NO DECISION IN THAT REGARD IT HAS BEEN A POSITION THAT DEMOCRATS HAVE TAKEN. WE WANT TO HAVE MORE FAIRNESS AND MORE SIMPLIFICATION OF OUR TAX CODE, BUT WE HAVE SOUGHT FIRST TO LOOK AT WHERE WE COULD MAKE CUTS IN SPENDING AND ELIMINATING WASTE, FRAUD, AND ABUSE BEFORE WE GO TO THE ISSUE OF TAXES. THE PRINCIPLE THAT WE'VE OPERATED UNDER TIGHT FISCAL DISCIPLINE, NO NEW DEFICIT SPENDING, PAY AS YOU GO. WE THINK THAT'S GOOD FOR THE ECONOMY. IF AT SOME TIME WE HAVE A PRIORITY THAT NEEDS TO BE FUNDED THAT IS A PRIORITY FOR THE AMERICAN PEOPLE, WE MAY LOOK TO WHERE THAT MAY BE FUNDED, BUT SO FAR 80% OF OUR INITIATIVES WHETHER IT WAS 9/11 COMMISSION RECOMMENDATIONS, PACKAGES FOR STUDENT LOANS, THE BIGGEST PACKAGE SINCE 1944, WHATEVER THE ISSUE HAS BEEN THAT WE HAVE PASSED LEGISLATION, 80% OF THAT HAS BEEN PAID FOR BY SHIFTING PRIORITIES AND NO NEW TAXES. THE LARGEST TAX THAT WE HAVE IS THE CIGARETTE TAX ON THE S-CHIP, THE STATE CHILDREN'S HEALTH INSURANCE PROGRAM, BUT BY AND LARGE IT'S ALL BY SHIFTING PRIORITIES.

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