TRANSCRIPT: Sen John McCain

Look down the list of the bipartisan legislation and action that I've done together. I could do that much, much more effectively as president of the United States.

STEPHANOPOULOS: Social Security. You're a longtime supporter of the private accounts, as President Bush called for them.

MCCAIN: I am a supporter of sitting down together and putting everything on the table and coming up with an answer. So, there is nothing I would take off the table. There was nothing I would demand.

I think that's the way that Ronald Reagan and Tip O'Neill did it. And that's what we have to do again.

STEPHANOPOULOS: In the past you said there was essentially -- and you told the "Wall Street Journal"...

MCCAIN: No, I have said and will say, I will say that everything has to be on the table, if we're going to reach a bipartisan agreement. I've been in bipartisan negotiations before. I know how you reach a conclusion. We all have to sit down together with everything on the table.

STEPHANOPOULOS: So, that means payroll tax increases are on the table, as well?

MCCAIN: There is nothing that's off the table. I have my positions, and I'll articulate them. But nothing's off the table.

I don't want tax increases. Of course I'd like to have young Americans have some of their money put into an account with their name on it. But that doesn't mean that anything is off the table...

STEPHANOPOULOS: With (ph) their payroll taxes diverted into accounts.

MCCAIN: I say that everything is on the table that has to be on the table, the way Tip O'Neill and Ronald Reagan did.

STEPHANOPOULOS: Let me ask you about your position to exclude Russia from the G-8. How are you going to get that done? Every other G-8 nation is against it.

MCCAIN: Well, you have to take positions whether other nations agree or not, because you have to do what's best for America...

STEPHANOPOULOS: You've got some visitors here.

MCCAIN: ... and the world. That's Sam.

Look at Russia's actions in the last week or so. He'll get out of here.

STEPHANOPOULOS: He'll get out. It'll be fine.

MCCAIN: In the last week or so, look at Russia's actions. They cut back on their oil supplies to the Czechs, because the Czechs made an agreement with us. They have now thrown out the -- or forced out -- BP out of Russia. And by the way, I -- a lot of us thought that might happen.

They continue to put enormous pressures on Georgia in many ways. They're putting pressure on Ukraine. They are blocking action in the United Nations Security Council on Iran. And so...

STEPHANOPOULOS: But how is kicking out of the G-8 going to make that better? We need them...

MCCAIN: The G-8...

STEPHANOPOULOS: ... to help secure nuclear weapons. We need them to help contain Iran. To kick them out is going to make it harder, isn't it?

MCCAIN: We need to improve their behavior. We need to make them realize that the G-8 was founded -- basically, countries that are democratic, have our values and our goals and shared principles. And President Putin and...

STEPHANOPOULOS: The former President Putin.

MCCAIN: ... his government -- former President Putin, and now Prime Minister Putin -- has taken his country down a path that I think is very harmful.

STEPHANOPOULOS: Do you still think he's in charge?

MCCAIN: Oh, yes. I am confident -- yes, I believe that he's in charge. And I don't think he would have chosen his successor, if he didn't think he would remain in charge.

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