Full Transcript: Charlie Gibson Interviews GOP Vice Presidential Candidate Sarah Palin

So those economic indicators of success on a local level should provide to America that world view that I have of what we can do on a local level and then a state level where we just extended our fuel tax in our state, also.

Get taxes under control, but at the same time we're cutting taxes, you've got to reduce the growth of government.

GIBSON: But I want to come back to the question. I want to know, because you've advertised yourselves now as the party of change. I want to know what you would change in the Bush economic principles. What you said to be at the beginning I don't think anybody in the Bush administration would disagree with. What do you change in the Bush economic plans?

PALIN: We have got to make sure that we reform the oversight, also, of the agencies, including the quasi government agencies, like Freddie and Fannie, those things that have created an atmosphere here in America where people are fearful of losing their homes.

People are looking at job loss. People are looking at unaffordable health care for their families. We have got to reform the oversight of these agencies that have such control over Americans' pocketbook. And when we see the excess of corporate America, we see the excess of some of these agencies -- let me go back to Fannie and Freddie.

When we see Americans trusting these agencies with $5 trillion worth of our mortgages, we're trusting them to invest wisely and to not be digging themselves into such a hole that government has to come in and bail them out.

When we trust that, and yet we see the poor management that has resulted in the situation we're facing today and, at the same time, we see those managers leaving with $20 million golden parachutes, that's the type of reform that we need to stop that kind of excess. That is abuse of the American public trust and we have to reform that.

GIBSON: So let me summarize the three things that you'd change in the Bush economic plans. One, two, three.

PALIN: Reduce taxes, control spending, reform the oversight and the overseeing agencies and committees to make sure that America's dollars and investments are protected. And when these agencies and financial institutions are spending other people's moneys, government can play an appropriate role there in the stringent oversight so Americans can trust those investments.

GIBSON: So let me break some of those down. You talk about spending. How much smaller would a McCain budget be? Where would you cut?

PALIN: We're going to find efficiencies in every department. We have got to. There are some things that I think should be off the table. Veterans' programs, off the table. You know, we owe it to our veterans and that's the greatest manifestation that we can show in terms of support for our military, those who are in public service fighting for America. It's to make sure that our veterans are taken care of and the promises that we've made to them are fulfilled.

GIBSON: So you'd take military off the table and veterans' benefits. That's 20 percent of the budget.

PALIN: Veterans' benefits should be off the table.

GIBSON: Take entitlements off the table or would you reform Social Security?

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