Jon Huntsman: Transcript of ABC/Yahoo News Exclusive Interview

Nov. 8, 2011 -- SHARYN ALFONSI: --good morning, Governor Huntsman. Thanks so much for-- for joining us this morning.

JON HUNTSMAN: It's an honor to with ya. Thank you.

SHARYN ALFONSI: It's-- it-- we-- we're starting off asking the candidates all the same question. And we just wanna know, when was the moment that you decided you wanted to be president of the United States?

JON HUNTSMAN: I would say it was within the first few days after coming back from China. We had served over in China for two years-- under this president. And-- we came home, knowing that we-- would be there for a couple of years. And you look at where our economy is. You look at the level of joblessness. You look at our position in the world. And then you have-- a choice to make when you have people approaching you about the possibility.

You either-- y-- you either stand on the sidelines and watch what, clearly, is the most important election of-- of my lifetime, perhaps since the '30s, play out. Or you do as Teddy Roosevelt used to advocate. You get in the arena and you add to it. You broaden the debate. And you bring some of what you've learned by virtue of being governor twice-elected, living overseas four times, working in business, and try to help shape the debate during a difficult and challenging time in our country.

SHARYN ALFONSI: Is it-- was there any thought, "Maybe just wait a few more years"?

JON HUNTSMAN: No. (LAUGH)

SHARYN ALFONSI: And so you--

JON HUNTSMAN: Because (?)--

SHARYN ALFONSI: --had to get in now?

JON HUNTSMAN: Well, I-- I'm not much into politics. You know, I don't kinda (?) plan ahead and say, "I-- I think we'll do steps A, B and C en route to something in the future." It strikes you that your country is in a very precarious situation today.

It can't wait for a few years. You know, I fear that if we-- if we defer the critically important decisions that must be made in changing our economy and addressing joblessness, which is adding to this painful divide that we have (LAUGH) in this country, which is unnatural and unhealthy, frankly, for we as Americans-- you-- you either get in and-- and address these issues based upon what you-- you-- you have to give at the time, or you stay out.

I-- I'm not into planning and plotting. Yeah, I-- you take advantage. You-- you look at where we are today. And you say, "I've got something to offer that is relevant, that is concrete-- that is solid." And you move in there and try to shape the debate.

SHARYN ALFONSI: And I'm gonna ask you about Herman Cain. Overnight-- fresh accusations-- a fifth woman came forward. I know over the weekend you said that this scandal's taking away from the bandwidth of more important discussions. So, watching what's happening now and all the attention on this, do you think at this point this is hurting the race? Is it hurting the party? What-- what does Herman Cain need to do now?

JON HUNTSMAN: It's a distraction. And Herman Cain can deal with it however Herman Cain chooses to deal with it.

SHARYN ALFONSI: Is it hurting the party?

JON HUNTSMAN: I-- I'm worried about the 14 or 15 million unemployed who are not able to tune into a discussion about how we're going to expand the economic base and create more jobs. I'm concerned about those who are concerned about losing our position in the world.