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

PAUL: In Kentucky, 70 percent of the people would like to repeal it or have our attorney general challenge the constitutionality of it. I think there are some real constitutional questions. It's going forward. A federal judge in both Florida and Virginia have said, yes, we're going to go forward with this. So I think you will see that go forward and we will challenge it in the courts. And also we should try to repeal it.

AMANPOUR: Let me ask you this in terms, again, of balancing the budget. There are many economists who simply say the math does not add up if you're not going to agree to raising taxes. Do you agree that taxes will have to be raised, as well?

PAUL: Well, I think it's not a revenue problem; it's a spending problem.

AMANPOUR: But it is a revenue problem, according to so many economists.

PAUL: Well, yes and no. I mean, we bring in -- the thing is, is that a lot of times people would come to me and say, well, you don't believe in any government. And I would tell them, you know what? I believe in $2.4 trillion worth; I just don't think you can have $4 trillion worth if you only bring in $2.4 trillion. 2.4's a lot. That's a huge government. We've doubled the size of government in 10 years.

AMANPOUR: But...

PAUL: We don't need bigger government. We need to shrink the size of government.

AMANPOUR: Right, but without making strong entitlement and other cuts -- and even if one does, most of the economists say the math simply doesn't add up to keep -- to keep tax cuts on and on and on. Will you agree to some?

PAUL: My -- my hope now -- my hope is to be on the Budget Committee and to go through all of these numbers and, by January, to have a balanced budget that I will introduce. I want there to be a Republican alternative -- whether it wins or not, I want the Republican message to be one of balanced budgets. If they won't do it in a year, we'll say, how about two years? If they won't do it in two years, how about three years? But someone has to believe it.

AMANPOUR: Give me one specific cut, Senator-elect.

PAUL: All across the board.

AMANPOUR: One significant one. No, but you can't just keep saying all across the board.

PAUL: Well, no, I can, because I'm going to look at every program, every program. But I would freeze federal hiring. I would maybe reduce federal employees by 10 percent. I'd probably reduce their wages by 10 percent. The average federal employee makes $120,000 a year. The average private employee makes $60,000 a year. Let's get them more in line, and let's find savings. Let's hire no new federal workers.

AMANPOUR: Pay for soldiers? Would you cut that?

PAUL: I think that's something that you can't do. I don't think...

AMANPOUR: You cannot do?

PAUL: Right. I think that soldiers have to be paid. Now, can we say that gradually we don't need as large of an Army if we're not in two wars? Yes, I think you can say that. You can save money there. You can bring some troops home or have Europe pay more for their defense and Japan pay more and Korea pay more for their defense or bring those troops home and have savings there.

AMANPOUR: Have you thought much about foreign policy? Does the Tea Party have a foreign policy?

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