NBC "Today" - Transcript

Interview

ANN CURRY: On Monday, Meredith sat down with House Speaker Nancy Pelosi for an exclusive interview just as the deal was being worked out on the Hill, and Meredith began by asking the speaker about the frustration and anger over the bailout.

(Begin videotaped segment.)

SPEAKER PELOSI: I think the American people have to think of this not as a bailout but as a last chance, a smaller amount of money than is being requested by the industry, for them to show that they can adapt, that they can restructure, that they can be viable, that they can innovate, and that they can be accountable. Otherwise --

MS. VIEIRA: Or else no more money.

SPEAKER PELOSI: Well, not only that; we want our money back. This money is being (used ?) for a purpose -- for them to restructure their industry so that they -- what I would like to see at the end of March is a viable, fresh new auto industry with an approach of innovation and competition and success in the marketplace.

MS. VIEIRA: Isn't that a lot for you to expect in three months' time --

SPEAKER PELOSI: No.

MS. VIEIRA: -- that they will suddenly become innovative and viable?

SPEAKER PELOSI: Well, I think it's a test for their CEOs. The next couple of weeks will test as to whether these are the people who can lead these auto companies into the future.

MS. VIEIRA: I've heard talk about a car czar that would oversee all of this to make sure that these companies become viable. Who would a car czar be?

SPEAKER PELOSI: A car czar would be somebody appointed by the president, with, of course, the concurrence of the Congress, who would not oversee -- even more proactively supervise this restructuring. I think it's very important, because, left to their own devices, it's clear that the auto industry has not taken the initiative.

MS. VIEIRA: And the czar would be appointed immediately?

SPEAKER PELOSI: Immediately. I would want the czar to be appointed before one dollar went out, and that would be --

MS. VIEIRA: So theoretically this week?

SPEAKER PELOSI: Theoretically this week. Well, we're hoping that we will have a bill pass this week.

MS. VIEIRA: Any names come to mind?

SPEAKER PELOSI: Well, I think that somebody like Paul Volcker, who has the bipartisan confidence and public and private confidence, someone like that. But again, that will be up to the president to name, again, hopefully with the --

MS. VIEIRA: President Bush.

SPEAKER PELOSI: We want to start right now.

MS. VIEIRA: Let's talk about the larger economic stimulus package.

SPEAKER PELOSI: Yes.

MS. VIEIRA: Will you have a stimulus package ready for President Obama to sign on January 20th, when he takes office?

SPEAKER PELOSI: Speaking only for the House of Representatives, of which I am speaker, so I can speak for this house, we will have a bill probably voted out in the first week of our -- we come in the first week of January.

MS. VIEIRA: You're confident of that.

SPEAKER PELOSI: So we're working on that right now, as we speak, on what would be the elements to grow our economy, stabilize the economy as well, and create good-paying jobs. It's going to be about the future --

MS. VIEIRA: But something's got to give, doesn't it? When the Congress comes back, the new Congress in January, not all these things can be done.

SPEAKER PELOSI: Well, this is a priority. This is not new to us. We've been begging the president for over a year to do this. So we are ready with an initiative. Unfortunately in the past year the economy has worsened, so the package has to be bigger than we initially started.

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