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

PAUL: And we need to obey the rules. The second thing you need is -- and I don't see things in terms of political party, so I think this can be something where I can work across the aisle -- but the second thing you need is a compromise on where the spending cuts come from. Republicans traditionally say, oh, we'll cut domestic spending, but we won't touch the military. The liberals -- the ones who are good -- will say, oh, we'll cut the military, but we won't cut domestic spending.

AMANPOUR: All right. Well, let's ask you.

PAUL: Bottom line is, you have to look at everything across the board.

AMANPOUR: All right. Where, then? Military? Would you cut the military?

PAUL: Yes. Yes.

AMANPOUR: By how much? Obviously, Robert Gates has made some suggestions.

PAUL: Well, I think it's hard -- it's hard to give exact numbers, but I think one thing that's concerning -- you know, recently, Admiral Milliken (ph) said that the interest on the debt now is going to approach in the next couple of years -- just the interest on the debt -- will approach what we spend in the national defense budget. So, I mean, that should alarm us all. Bernanke says the debt is unsustainable. We need to do something about it.

AMANPOUR: The question, again, is, exactly what? Because, again, the Republicans in the campaign have come up with $50 billion here, $100 billion there, a lot to you and me, but in terms of reducing a $1.3 trillion deficit, how does the math add up?

PAUL: It has to be...

AMANPOUR: Are you going to cut entitlements?

PAUL: It has to be everything across the board.

AMANPOUR: Entitlements?

PAUL: And you -- you have to look at entitlements.

AMANPOUR: Social Security?

PAUL: What I would say is not the people who are currently on it and not those approaching retirement, but the sooner we fix it, the better. So it may be 55 and under, but that should be this year. We should look at 55 and under, what do we do to change the system to make it more sustainable?

AMANPOUR: Raise the retirement age?

PAUL: You may have to. You may have to. They're already talking about it. I mean, there's a bipartisan commission up here talking about raising age, graduating the benefits, maybe having means testing. You have to look at all of these things. They need to be on the table. But what you have to get to get there is you have to take it out of campaign mode.

AMANPOUR: Exactly.

PAUL: You know, everybody in the campaign mode, how long have we been running Mediscare ads? Democrats have run against Republicans for years saying we're going to take away your grandmother's Social Security. We're not going to do that.

AMANPOUR: All right.

PAUL: But we need to fix it, because we have too many people retiring.

AMANPOUR: What about health care? All candidates were saying we had to repeal health care, yet the American people did not say that in this election: 47 percent said repeal; 48 percent said no.

PAUL: Well, it depends on -- depends on where you look. You look in Missouri, 70 percent voted to get rid of Obamacare.

AMANPOUR: But just across -- across the board, is that what you're going to do?

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