MITT ROMNEY: Well, that's certainly a big part of the equation.
BOB SCHIEFFER: Let's talk about health care. The Supreme Court is going to hand down its decision, maybe as early as Monday, on what to do about the President's health care law. If the court throws it out, what will you do?
MITT ROMNEY: Well, I-- I will continue to describe the plan that I would provide, which is, number one, to make sure that people don't have to worry about losing their insurance if they have a preexisting condition, and change jobs. Number two, to let individuals buy insurance on their own, if they want to, on the same tax advantage basis that companies do today. And number three with regards to those that are poor or uninsured, I'd bring that responsibility back where it's been for the last couple of hundred years, to the states, and provide states the funding they need to help with this issue by granting Medicaid and DSH payments on a block basis to each of our states.
BOB SCHIEFFER: If-- when-- when the Massachusetts health care law was put in, the Obama people delight in telling us that they base their plan on your plan in Massachusetts. It had a mandate. Do you think a mandate is unfair?
MITT ROMNEY: Well, I think federally it's unconstitutional, but, of course what I think is going to be a-- a-- a-- surpassed by what the Supreme Court thinks ultimately. But states have, under their constitution, the-- the right to require people to either go to school or get auto insurance or in this case, to get health insurance. We-- we created a solution. Republicans and Democrats, business and labor in our state, we worked collaboratively. The President instead, on a very partisan basis, jammed through a bill, didn't get a single Republican vote, didn't really try and work for a Republican vote. I mean the people of Massachusetts, the most Democrat state in the nation, voted for a Republican senator to stop Obamacare. He went ahead anyway and put this-- this bill upon the American people. They don't want it. I hope the Supreme Court believes--as I do--that it's not constitutional. But regardless of their decision, if I'm President, we're going to stop Obamacare in its tracks and return to the Tenth Amendment that allows states to care for these issues on the way they think best.
BOB SCHIEFFER: Let's talk a little bit about the economy. Yesterday, the British government said it would be injecting billions of dollars of cash into its banks to protect the economy there in light of what some are calling the most dangerous point in the financial crisis in over two years in Europe. If the European economy falls apart, do the American economy is going to be in big trouble. What should we be doing right now?
MITT ROMNEY: Well, I-- I wish that over the last three and a half years that the President would have taken action to rebuild the basis of our economy, its foundation get it on such a strong footing that the challenges in Europe, if they occur, wouldn't have a significant impact as they might otherwise. But-- but, right now, we're dealing with twenty-three million people out of work or stopped looking for work or underemployed. Homes are still bumping along the bottom, foreclosures are at very high levels, median income is way down. The President has, frankly, made it harder for our economy to reboot. I-- I'd strengthen the-- the basis of America's economic might, hopefully, we never have to go back.
BOB SCHIEFFER (voice overlapping): How would do you that?
MITT ROMNEY: Well, there are a number of things, Bob. The top three, for instance, one is to take advantage of our energy resources. We have a-- an extraordinary gift, which is massive natural gas reserves, as well as coal--
BOB SCHIEFFER: But-- but, I mean would that work right now? I mean, that's going to take a while to get that going. I mean, I-- I'm talking about what-- what if this whole thing falls in-- in Europe? What should we be doing here? Should we become involved? What do we do?
MITT ROMNEY: Well, we're not going to send checks to-- to Europe. We're not going to bail out the European banks. We're going to be poised here to support our economy, but I-- I'm very much in favor of the fundamental things one does to strengthen the economic footings of a nation. And-- and as to what's going to happen in Europe and what kind of impact that will have here, time will tell. But our banks are on a much stronger basis than they were at the time of the-- the last economic crisis, and they have built their capital base and their equity base and worked through a lot of their toxic assets, their toxic loans, and-- and I hope that, regardless of what happens in Europe, that our banking sector is able to-- to weather the storm.
BOB SCHIEFFER: The Federal Reserve, as I understand, is going to meet this week to weigh the possibility of a new economic stimulus for our economy. Now, you didn't think much of the last stimulus. What do you think they should do now--is it time for another?
MITT ROMNEY: Well, the-- the QE2, as it's called, which was a-- a monetary stimulus, did not have the desired effect. It was not extraordinarily harmful, but it does put in question, the future value of the dollar, and-- and will, obviously, encourage some inflation down the road. A QE3 would do the same thing. I know how it is. Politicians in office want to do everything they can just before an election to try and temporarily boost something, but the-- the potential threat down the road of inflation is something which we-- we have to be aware of, and at the last QE2, the last monetary stimulus, did not put Americans back to work, did not raise our home values, did not bring jobs back to this country or encourage small businesses to open their doors. What's wrong with our economy is that our government has been warring against small, middle, and large businesses. And-- and people in the business world are afraid to make investments and to hire people. I-- I want to make it very clear that in my administration, government will see it-- itself as the-- as the friend of enterprise and job creators, and we'll start building jobs again.
BOB SCHIEFFER: But are you saying here that-- that when this trouble that's going on in Europe right now, that we-- there's not much we can do but just sort of watch and see what happens?
MITT ROMNEY: Well, we can certainly offer our counsel and we can look nation by nation and talk about the kinds of things we think are appropriate for them to do, which actions we think are-- are too challenging for them to deal with, which-- which actions would have the best chance of shoring up their-- their banking sector. But I-- I surely don't believe that we should expose our national balance sheet to the-- the vagaries of what's going to be happening in Europe. Europe is capable of dealing with their banking crisis if they choose to do so. Obviously, this is going to depend enormously on-- on Germany. But-- but they and others will have to make that decision. But we don't want to go in and start providing funding to-- to European banks.