'This Week' Transcript: Rand Paul, Rep. Mike Pence and David Stockman

DONVAN: Yes, Wolf, that was arguably historic. No one could achieve that first ever again. But the mere fact of the GOP capture of the House -- here is the chart, the 60-plus seats they took from the Democrats -- it's a lot, but it's not a record-breaker. The thing is, we really need to know what the Republicans ultimately do with their win to see what will really change. 1994, when they swept both houses, then something changed. They came in with clear ideas. They were listed in their Contract with America. They said they were going to work with the Democratic president.

(UNKNOWN): We can only have president at a time. It's President Clinton. And we know that we need to work with him where we can.

DONVAN: And what they got was, after a fair amount of struggle, a Democratic president to declare...

CLINTON: The era of big government is over.

DONVAN: ... welfare reform. We have never been the same, and both sides had a hand in it. This time, the main GOP idea is not Obama, not his policies...

MCCONNELL: Our primary legislative goals are to repeal and replace and health spending bill.

DONVAN: ... and not really much pretense at a governing partnership.

MCCONNELL: The only way to do all of those things is to put someone in the White House who won't veto any of these things.

DONVAN: So is that the mindset that is going to make things happen in Washington that will prove that this election in the end was as historic as everyone said it was on night one? For "This Week," John Donvan, ABC News.

(END VIDEOTAPE)

AMANPOUR: One of those aiming to make history is Rand Paul, senator-elect from Kentucky, and he joins me this morning. Welcome. Thank you for being here.

PAUL: Good morning.

AMANPOUR: In a way, it is, to coin a phrase, historic. There's never been a Tea Party in modern American history, and you are one of the prominent Tea Partiers. What is your first aim once you get to -- to the Senate?

PAUL: I think the debt. We have to do something about the debt. I think we've been fiscally irresponsible for a generation or more here. And the one thing about the Tea Party that's interesting is, it really is equal parts chastisement to both parties. You know, Republicans doubled the debt when we were in charge, and then Democrats are tripling the debt. And I've said this over and over again. It's not about political party, but it is about fiscally trying to do something to balance our budget.

AMANPOUR: Well, we've all seen and we followed the campaign, and there was a lot of talk, a lot of slogans and platitudes about cutting the debt, balancing the budget, cutting the deficit. But there has not been any direct information on how you're going to do that, no specifics. It was fairly content-free, the platform. So where are you going to cut in order to make a meaningful change?

PAUL: Well, some of it has to be procedural, in the sense that we need to balance our budget by law. If you force legislators to balance, at the end of the day, if it has to be balanced, then they step up and they become legislators and can find out where to cut.

AMANPOUR: So you're going to move for a balanced budget amendment?

PAUL: Absolutely. Absolutely. And short of that, we need a rule -- it takes a while to get an amendment to the Constitution -- let's have a rule that -- let's obey our rule. They passed pay-as-you-go, and they break it in the first three weeks they have it. So we need rules.

AMANPOUR: OK.

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