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Guests: Speaker of the House Boehner, Minority Leader Pelosi

By This Week, This Week - May 20, 2012

(BEGIN VIDEO CLIP)

STEPHANOPOULOS (voice-over): Good morning, and welcome to "This Week."

The gloves come off, as the House speaker draws a line in the sand on the debt limit.

BOEHNER: I told the president, we're not doing those things that way anymore.

GEITHNER: Political politicians threatening to default, it's deeply irresponsible.

STEPHANOPOULOS: And on the campaign trail with Bain Capital.

(UNKNOWN): We view Mitt Romney as a job destroyer.

STEPHANOPOULOS: Obama's economy.

ROMNEY: A prairie fire of debt is sweeping across the nation.

BIDEN: They don't get us. They don't get who we are.

STEPHANOPOULOS: And Reverend Wright all in play.

ROMNEY: Obviously that's something I repudiate.

STEPHANOPOULOS: Topics for our exclusive headliners, the two most powerful members of the House, Speaker John Boehner and Democratic Leader Nancy Pelosi.

Then, the Facebook IPO and the founder who renounced his citizenship. That and all the week's politics on our powerhouse roundtable, with George Will, Donna Brazile, Matthew Dowd, plus, Laura Ingraham of Fox News and Lieutenant Governor Gavin Newsom of Current TV.

ANNOUNCER: From ABC News, "This Week" with George Stephanopoulos. It's your voice, your vote. Reporting from the Newseum in Washington, D.C., George Stephanopoulos.

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STEPHANOPOULOS: Hello again. President Obama and his fellow G-8 leaders left Camp David last night for a NATO summit in Chicago after agreeing to do all they can to get our economies growing stronger with good jobs, but there was more evidence this week that we do not have any consensus on how to do that here in Washington, where the parties are still far apart on how to handle the budgets, jobs, and our national debt.

Speaker Boehner laid down the gauntlet on Tuesday.

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BOEHNER: When the time comes, I will again insist on my simple principle of cuts and reforms greater than the debt limit increase.

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STEPHANOPOULOS: And the president's team fired right back.

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BROWN: The debt limit question has bubbled up. Do you see...

GEITHNER: Do you believe it?

BROWN: Can you believe it?

GEITHNER: I can't. I can't. I don't understand it.

BROWN: You can't? Because?

GEITHNER: I don't understand it.

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