OBAMA: First of all, Israel is a true friend. It is our greatest ally in the region. And if Israel is attacked, America will stand with Israel. I've made that clear throughout my presidency. And...
SCHIEFFER: So you're -- you're saying we've already made that declaration.
OBAMA: I will stand with Israel if they are attacked. And this is the reason why, working with Israel, we have created the strongest military and intelligence cooperation between our two countries in history.
In fact, this week we'll be carrying out the largest military exercise with Israel in history, this very week. But to the issue of Iran, as long as I'm president of the United States Iran will not get a nuclear weapon. I made that clear when I came into office.
OBAMA: We then organized the strongest coalition and the strongest sanctions against Iran in history, and it is crippling their economy. Their currency has dropped 80 percent. Their oil production has plunged to the lowest level since they were fighting a war with Iraq 20 years ago. So their economy is in a shambles.
And the reason we did this is because a nuclear Iran is a threat to our national security, and it is a threat to Israel's national security. We cannot afford to have a nuclear arms race in the most volatile region of the world.
Iran is a state sponsor of terrorism. And for them to be able to provide nuclear technology to non-state actors, that's unacceptable. And they have said that they want to see Israel wiped off the map.
So the work that we've done with respect to sanctions now offers Iran a choice. They can take the diplomatic route and end their nuclear program or they will have to face a united world and a United States president, me, who said we're not going to take any options off the table.