Transcript for June 4

MR. HARWOOD: Well, White House officials say that when you really look at what he said as opposed to groups he’s associated with say, he’s not far out of step with the president on this. I think the significance could be when we get to the last two years of the Bush presidency, is there something like a carbon tax, for example, that might be used in the context of tax reform and deficit reduction? We don’t know what effect he’s going to have. Right now, what they really care about from Hank Paulson is somebody who has credibility with the markets, who can sort of keep smooth sailing between now and the election.

MS. IFILL: I’m certain that Hank Paulson has—feels he’s figured this all out and has gotten the guarantees he needs, but the question that has to be asked in the next two and a half years for any secretary of treasury is what it is that Henry Paulson can accomplish that Paul O’Neill couldn’t accomplish and that John Snow couldn’t accomplish? Is he going to be listened to? Does he have points of view which are actually going to change it? Or is it just important just to have someone in that chair who carries with him the credibility of Wall Street and therefore, silences some of the discontent of the critics and some of the nervousness, perhaps, about the Fed chairman as well.

MR. RUSSERT: Before we go, looking to November of ‘06, what is your reporting telling you? How are the parties feeling?

MR. HARWOOD: Well, there’s a lot of pessimism within the Republican Party. This Republican pollster I talked to on Friday said, “If the election were held today, we would lose the House.” That’s probably what’s going to happen. It’ll be fascinating to see how they handle this immigration bill, the House-Senate conference. Many of the House conservatives want to come out with a border security-only bill. They think that’s what their base wants.

MS. IFILL: Someone asked me the other day whether the Democrats were—if Republicans are as panicked this time as the Democrats were in 1994. And as I recall, Tim, the Democrats weren’t panicked because they didn’t see it coming. This time they see it coming and so that’s where you get the...

MR. HARWOOD: It’s a big difference.

MS. IFILL: That’s where you hear the panic coming from.

MR. RUSSERT: Is there time to adjust?

MS. IFILL: Sure.

MR. HARWOOD: There’s time to adjust and there’s also time to raise money. Remember, the Democrats—the Republican National Committee has more money than Howard Dean and the Democratic National Committee do.

MR. RUSSERT: John Harwood, Gwen Ifill, thanks a lot.

MS. IFILL: Thank you.

MR. RUSSERT: We’ll be right back.

(Announcements)

MR. RUSSERT: That’s all for today. We’ll be back next week at a special earlier time, 8 a.m. Eastern, right before the French Open tennis finals. Check out our Web site during the week for air times in your area mtp.msnbc.com.

If it’s Sunday, it’s MEET THE PRESS. Thank you, Buffalo Sabres, for a great year.

MORE FROM MEET THE PRESS

Meet the Press Section Front

Aug. 31: Gov. Tim Pawlenty (R-MN), political roundtable Aug. 24: Caroline Kennedy, Speaker of the House Nancy Pelosi (D-CA), political roundtable Aug. 17: Secretary of State Condoleezza Rice, Gov. Tim Kaine (D-VA), Gov. Bobby Jindal (R-LA), political roundtable Aug. 10: Henry Paulson, political roundtable Aug. 3: Sen. Lieberman, Sen. Kerry, political roundtable July 27: Sen. Barack Obama (D-IL) July 20: Al Gore, political roundtable Remembering Tim Russert   Images: The life of the political journalist   Slideshow: A look back at 60 years of 'Meet the Press' Meet the Press Section Front   Add Meet the Press headlines to your news reader: