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CNBC EXCLUSIVE: CNBC TRANSCRIPT: CNBC'S CHIEF WASHINGTON CORRESPONDENT JOHN HARWOOD SPEAKS WITH VICE PRESIDENT BIDEN TODAY ON "STREET SIGNS"

WHEN: Today, Thursday, January 29th

WHERE: CNBC'S "Street Signs"

Following is the unofficial transcript of a CNBC EXCLUSIVE interview with Vice President Biden today on CNBC's "Street Signs." John Harwood'sfull interview with Vice President Biden will air tonight on "CNBC Reports" at 8PM ET.

All references must be source to CNBC.

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Vice Pres. BIDEN: It's not over yet. We've only gone through the first phase of this, that is it's passed the House, which is a big, big step. It's about to pass the Senate, then we're going to go to conference. And I'm sure there's going to be some additional changes in this.

HARWOOD: What kind?

Vice Pres. BIDEN: Well, my guess is you're going to see maybe some additional infrastructure spending, you may see some changes in some of the things that have been put forward by the House in terms of spending, and maybe even some changes in the tax side. But look...

HARWOOD: More tax cuts, then?

Vice Pres. BIDEN: Well, I--that may occur. But here's where we are. You have, as--for a city that did not function for eight years in terms of any kind of bipartisan consensus, any kind of real coordination, here we are, God willing, with less than, you know, 20 days in the first session, passing the most significant stimulus package in the history of the United States of America. That is--and it's going to spend out 75 percent of it quickly. Did it spend out every way we want to? I mean, for example, you have a circumstance where you want to make sure you don't create, as they say, a tail. You don't want to start a spending program...

HARWOOD: Right.

Vice Pres. BIDEN: ...that locks you into long, long-term spending. And the other side of it is you'd also like to be able to--if you could write it as, you know, there was no Congress, you just write it yourself, you could--you would like to have significant reforms built into this as well. But you know the process on the Hill, you know the process here. So I think it's as close to as good a balance as you can get, because I think it will create three to four million new jobs, I think it will in fact have--begin to lay the foundation for some of the changes in the 21st century we need, particularly with regard to infrastructure, and tax structure, as well. So you know, could that--could it be better? When you have two branches of government and three separate entities working on something, I'm not sure it could have gotten, at this stage, much better than it is. I think it's good. I think you'll see it get better. And I also think you'll see Republicans voting for it.



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