'This Week' Transcript: VP-Elect Joe Biden

But the commitments we made during the campaign to deal with these issues of equity and fairness we will deliver on in our administration.

STEPHANOPOULOS: But no timetable?

BIDEN: But there's no -- look, we are faced with the first, most critical urgent problem. And the immediate, the day we're sworn in, the thing that we have to worry about is the further collapse of this economy.

We -- we have not -- no president raising his right hand will ever have been in the position by the time he says, "I so swear," and drops his hand, will he have such an immediate, urgent obligation of consequence since Franklin Roosevelt. And I would argue this is equally as consequential.

STEPHANOPOULOS: Caroline Kennedy said this week she wants to be senator from New York. Do you support her?

BIDEN: That's -- look, I love Caroline Kennedy. I think Caroline Kennedy is an incredibly talented woman. I think she's an incredibly talented person who has a lot to offer. That -- that's for the people of New York to -- to make.

STEPHANOPOULOS: Actually, the governor of New York.

BIDEN: For the governor, and, eventually, within two years, the people of New York to decide whether the governor's judgment was correct.

STEPHANOPOULOS: Well, what do you say to -- and there's been a lot of commentary about this -- the idea that the Senate is starting to look a lot more like the House of Lords in the U.S. Senate? Your own son wants to -- might want your seat in a couple of years.

BIDEN: Well, look, let's talk about my son, because that's -- I love talking about my son. My son, Beau, who's, as we speak, in Iraq, he's going to spend his Christmas with an awful lot of friends of his in -- in Iraq, is a guy who is 38 years old, spent time in Bosnia, worked with the Justice Department, had his own law firm, got an offer to be appointed attorney general when the attorney general stepped down to become a judge, refused the appointment, waited eight months later, ran, won on his own merit, came back.

He's the attorney general of the state of Delaware. Before anyone could even consider him, the governor said in a press conference that she considered appointing him. He made it clear in a press statement he wants no part of being appointed to anything. He's made no decision about what he's going to do.

And guess what? If he runs, if he comes back and he runs, if he runs for attorney general again, which his term will be up, or he runs for the United States Senate, the people of Delaware will decide that. I don't -- I don't -- I don't get the problem if that occurs.

I give you my word, George: I don't have any idea what he will do. I truly do not.

STEPHANOPOULOS: But if he runs, he's earned it himself?

BIDEN: Absolutely positively. Look, he's attorney general of the state of Delaware. They're looking at him, he's getting great grades. This is -- in terms of what he's done. He's doing it -- I mean, you know, I'm not -- you know, his judgments, good or bad, aren't because his name is Biden. I mean, people can judge him based on what he's done.

STEPHANOPOULOS: How about the situation in Illinois? Why not a special election?

BIDEN: Oh, that's -- look, you -- you all -- look, you're an historian, I mean, a student of -- of -- of the -- our political process. The reason why states historically have not done that is they're worried that they'll go an extended period of time without representation and because, while they're holding the election and giving adequate time to prepare for an election, and the cost of an election.

STEPHANOPOULOS: But it looks like impeachment proceedings are going to take a long time in Illinois, too.

BIDEN: But if states -- look, as you know, the exception is becoming the rule here. Here you have an apparently corrupt governor who has taken -- and this is the -- I've been around for 36 years. I have not seen, at least in terms of allegations, anything as bold as what's being suggested here.

But, look, the people of Illinois can decide if they'd rather go ahead and spend the money and have an election and go forward. I would support that. In my own state, I'd support that, if they did that.

But that's for each of the states to decide. But what I think people forget is, when you focus on what is clearly an exception, just during the period in the old days when you were in the former administration, there were senators who retired and senators who were appointed.

I don't -- I don't know how many. I'll bet there's been between a half a dozen and a dozen appointments to the Senate since I've been there. Some people have looked at it and said, "That's a brilliant way to go."

But remember when Wendell Anderson appointed himself? He was governor after Mondale stepped down. And they said, "Oh, no, you're out the next day." The ultimate -- the next election -- the primary point to be made is, the people of the state maximum don't have to tolerate more than two years any gubernatorial appointment, and in many cases it gets down to months.

But if they want to jettison that and say, "Let's go to direct elections," that's OK, too.

STEPHANOPOULOS: We're just about out of time. I have three quick questions.

BIDEN: Sure.

STEPHANOPOULOS: Number one, President-elect Obama resigned from the Senate. Why haven't you?

BIDEN: Two reasons. One is that, from my perspective, I shouldn't acknowledge it, but being sworn in for the seventh time as a United States senator from Delaware, the greatest honor I've ever had is the people of Delaware electing me. And -- and it will in no way effect the seniority of the person who will follow me, number one.

Number two, there was a period there when it was thought that it may be useful for me to be in the Senate, in terms of some of the votes that were going to be cast in the Senate that may have been very close, that would have been consistent with our incoming administration's position that I could have been voting on those. It turned out that did not occur.

So they're the two reasons why I didn't...

STEPHANOPOULOS: But you're not going to stay on and try to preside...

BIDEN: No, no, no, no, no, absolutely not. I've already -- if I haven't done it -- to be honest with you, I think I've done it, but if I haven't done it, I've signed a letter, will sign a letter saying, notwithstanding the fact I'll be sworn in the first day, I have no intention of staying up until the day that I am sworn in as vice president.

Secondly, I yield responsibility to the Senate Foreign Relations Committee to John Kerry. No, I have -- no.

STEPHANOPOULOS: Your wife, Jill, community college professor.

BIDEN: Yes.

STEPHANOPOULOS: Will she continue to teach after you become vice president?

BIDEN: Yes.

STEPHANOPOULOS: Do you know where yet?

BIDEN: Well, she's -- she's been contacted by several four-year colleges and community colleges in the Washington area. She very much likes the community college student body, the people coming back in their late 20s, early 30s.

And so I don't know where she's going to do it. And this probably will not be full-time. It will probably be part-time.

But, look, I think it's very important she have and maintain her own life, her own identity. And she'll be a very active second lady. She'll be very active.

But I think it's important. It matters to her. And she -- and she -- I think it's -- I think it's a good example to set.

STEPHANOPOULOS: Finally, you beat the president to the punch on the puppy.

BIDEN: Well, we're going to have more than one puppy. What I -- what -- from the time we got -- we've always had two dogs. And we've always had two big dogs and so they can have companionships.

And I've had German shepherds my -- from the time I was a kid. And I've actually trained them and shown them in the past, my past life. So I wanted a German shepherd, and we're going to get a pound dog that my wife wants, who is hopefully...

STEPHANOPOULOS: Very politically correct.

BIDEN: ... a golden. Well, no, it's because my -- we already have a pound cat. We've had pound animals at our house already. And so -- but it's mainly so there's companionship for the dog. So we've always had -- the last time around, we had a golden retriever and a lab. And before that, we had a Great Dane and a German shepherd.

So -- and the good news about the vice president's residence is there's a big fence around...

STEPHANOPOULOS: I know it.

BIDEN: ... several acres.

STEPHANOPOULOS: Got a name for the shepherd yet?

BIDEN: No. My granddaughters are going to make that clear on Christmas morning. I gave it to them. They literally -- my number two and three granddaughter, Finnegan and Maisy, have been calling all the relatives saying, "Aunt Val, this is -- what do you think of this name? What do you think?" So they're really into this thing. So I'll know the dog's name Christmas morning.

STEPHANOPOULOS: Well, I hope you have a great Christmas. Thanks very much for your time.

BIDEN: I'm looking forward to it. Thank you.