THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
PAULA ZAHN, CNN ANCHOR: Joining me right now is the senior senator from New York, Charles Schumer. Good to have you with us today.
SEN. CHARLES SCHUMER (D), NEW YORK: Glad to be here.
ZAHN: Before we get to what you have experienced over the last day, a quick reaction to the president's declaration of war yesterday.
SCHUMER: I think it's the right thing to do. Paula, we will win this fight against terrorism, different as it is from any war we've passed, if we're resolute and if we stick together. If we forget this in two, three months, they'll win. And when they come back next time, it will be even a lot worse than this, as terrible as this is.
So declaring that this is a war is the right thing to do. We cannot delay any further. We've seen all the signs with this incident, that incident, and now this horrible tragedy. It's going to get a lot worse unless we snuff it out -- biological, chemical, nuclear.
ZAHN: I think you would even acknowledge that the administration is working very hard to pull together a coalition right now, but some of your colleagues say there are tremendous constraints in place. Do you think at the end of this process it will be legal for the United States to target and assassinate an individual? And if it turns out that, indeed, the prime suspect, Osama bin Laden, is responsible for it, that you can go after him?
SCHUMER: Well, it's a very tough question, but yes, without any doubt. I think there have to be procedures in place; you can't just target willy-nilly. But when you know someone creates a clear and present danger to tens of thousands of people, I believe that law will change.
ZAHN: Is there going to be a heated debate over it, or do you think there is, in general, support in the Senate and the House to change this?
SCHUMER: It's actually a regulation that was passed, I believe, in the Carter administration, and the president could undo it on his own. Now, I doubt that Congress would ever overrule him if he should decide to do it, as long as there are some guidelines in place that make this done with care. But I think in this new world, where a small group or even one individual because of technology can do huge amounts of damage, the rules change.
ZAHN: We saw pictures of you touring the debris site with the president, both you and Hillary Clinton have lauded the president for the aggressive actions he's taken on this city's behalf. What else needs to be done? You were down there two days after that as well.
SCHUMER: We're going to have plenty to do. I mean, this first $20 billion -- when I sat in the Oval Office and I asked the president, I said we need -- I talked to the mayor and governor -- we need $20 billion. I thought he'd say, well let me study it, or why don't we start with five. It's a huge sum of money. He said you need it? I'm for it.
And late that night when some of the very conservative members of the Senate, of his party, said no, he stood them down. And what he has done is helped give New York a real spirit and united America. And I think that's really important. After all, if you wanted to look at it in sort of just strictly political terms, we're the blue states, we weren't for him. He easily could have said, we'll give you the minimum we need.
He has done the maximum. I give him an A. And I think New Yorkers are just gratified, not only with the president's reaction, but all of America.
I was told this morning that the Virginia newspaper said "We Love New York," big, one-wage spreads.
ZAHN: That's pretty astonishing, given the arrogant reputation New Yorkers have and the attitudes that's often tagged to us.
SCHUMER: You know, we're undergoing -- it's the most difficult time we face in my neighborhood, in Brooklyn, which you can almost see from here. I found out yesterday that four children at our local public school have a parent missing. I went to our local firehouse, 11 firefighters missing. And this is affecting every community in New York.
We need the nation's help. We need them to be there for us, and the nation has been. And God bless America for that. It really has been heartening.
One little anecdote: When I was with the president in the motorcade we went up the West Side of Manhattan, Chelsea, Greenwich Village, the most Democratic areas, he lost them nine to one, ten to one. People came out of their apartments, they were four, five deep cheering him on as the motorcade went by. It was quite a sight.
ZAHN: Boy, that is interesting.
There is tremendous concern on what is going to happen here when the markets open tomorrow. We have heard warnings that everybody should be patient, that there's going to be tremendous volatility. You will be at the New York Stock Exchange at opening bell time; give us a preview of what you think will happen.
SCHUMER: Well, a lot of care has gone into this -- care in terms of the mechanics, the phone system and the computer systems and the electricity systems which, of course, were wiped out down there.
ZAHN: In fact, I should add when you were traveling here Con Edison confirmed it's now laying down some 20 miles of cable to try to restore electricity.
SCHUMER: Yes. And you know the firefighters and police officers have been great. So have the utility workers and the construction workers. They've all been terrific.
The other question is: What will happen to the markets? And I think the treasury secretary, the federal reserve chairman, Alan Greenspan, the large banks and the large companies are preparing for that. In other words, rules have changed so that companies, if they see their stock go down, can buy some of their stock.
I am hopeful that this will be a good opening. I think it's been quick, but a lot of effort and care has gone in; and I think to make a mistake would be worse than doing it quickly, and that's why some of the calls to open this Wednesday or Thursday or Friday didn't make sense. We're ready, I think it's going to work.
ZAHN: I only have time for one more question because everybody wants a chunk of your time today. The president has implored Americans to be prepared for a long and sustained campaign. But in addition to that, he's very much urging Americans to get back to work and try to resume a life that is as normal as possible. Is that reasonable to expect?
SCHUMER: I think it's the right blend. You can't say business as usual, we'll never be the same again in America, New York. But to just sit there and twiddle our thumbs is not the right way to do it. It's really the American go-get-her way.
So I think we should try to get back to our jobs and our business. And then when we're called on for sacrifices, which the military will be and civilians will be, we go forward and meet those sacrifices and do what has to be done. So I think you can do both.
ZAHN: Senator Schumer, good to see you. Thank you very much for dropping by.
SCHUMER: Thank you, Paula; thank you for the great job you've been doing.
ZAHN: Thank you very much.
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