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

PAUL: ... under George W. Bush, we did reduce armaments. And I think you have to -- some of it is the devil's in the details there, and I need to know more about it before making an immediate decision.

AMANPOUR: Well, we hope to have you back, and we'll get more details from you next time.

PAUL: Thank you.

AMANPOUR: Senator-elect Rand Paul, thank you very much for joining us.

AMANPOUR: And the Bush-era tax cuts expire at the end of this year. If Congress doesn't extend them, taxes will go up for everyone. One man says that would be a good thing. David Stockman was the budget director for President Ronald Reagan. He criticizes his party for sticking with the tax cut mantra, and he joins us this morning. Also, Congressman Mike Pence, a senior House Republican leader who takes the opposite view. Welcome to both of you. Thank you for being here this morning.

PENCE: Thank you.

STOCKMAN: Thank you.

AMANPOUR: Let me first ask you, Representative Pence, you have stepped down, you're planning to step down from your leadership position. Are you running for president?

PENCE: Well, let me say, two years ago, I was asked to serve in a leadership position in the Congress, which after spending most of my career fighting runaway spending under Republican control was something as a surprise to many. But I took it because I thought we had an opportunity to lead our -- our party back to a majority. And I took the job. I believed if we returned our party to the practice of conservative principles on Capitol Hill, we could win back the Congress. This week's historic victory for conservative values for the American people is an -- in my judgment, a fulfillment of my commitment. And so now my family and I are going to take our time to prayerfully consider ways that we can serve our state and serve our nation in the years ahead.

AMANPOUR: Very quickly: Would you run for president?

PENCE: Well, look, we've been very humbled by the encouragement we've received back in Indiana and around the country. And we're intent on taking the coming weeks to really prayerfully consider that, to wait on the Lord, to seek counsel. And after the first of the year, we'll make a decision.

AMANPOUR: Or governorship?

PENCE: Well, we -- as I said, we've gotten...

AMANPOUR: So when can we hear your decision, after you've done all that consultation?

PENCE: Well, we frankly -- we've frankly been very humbled by the encouragement we've received back in our beloved Indiana and around the country, but we're going to take the holidays here. And as I said, we're going to reflect on it.

AMANPOUR: All right. Well, when you're going to...

PENCE: And our question will be, where can we make the most difference for what matters most to us? And what called me to public service back when the -- back in the Reagan administration, when I first ran for Congress, was...

AMANPOUR: We're going to ask you about that because...

PENCE: ... a commitment to conservative values.

AMANPOUR: ... because apparently Ronald Reagan was your political idol, so we'll ask you a little bit about that.

PENCE: Still is.

AMANPOUR: Still is, OK. Well, we're going to ask about his economic philosophy with the man who engineered it. Well, so, David Stockman, former budget director, you have basically said that Tuesday gave voice and gave further voice to what you call the big lie.

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