Transcript: Charlie Gibson Interviews President Bush

GIBSON: High point of the eight years? The one moment when this all felt the best?

BUSH: You know, it's -- I would say maybe the 2004 inauguration, because I had a difficult first-term presidency -- not such an easy one second term, either, by the way -- but I had taken my message to the American people, campaigned hard, in a race that, frankly, I wasn't expected to win; won; and then was able to go in front of the American people again, thank them for their confidence, and start a second term.

GIBSON: How about for you? One moment?

MRS. BUSH: Well, there have been lots of moments, so many moments. It's hard to say just one. Being able to represent the United States in Africa on the five different trips I was able to make there, and see people who literally had come back from the dead because the American people funded antiretrovirals for them, had what's called the "Lazarus effect," and had been dying from AIDS and now are productive. Those were always wonderful moments to be able to see that.

GIBSON: Greatest disappointment?

BUSH: Well, I mentioned one, and that is no weapons of mass destruction. I think another -- in Iraq. I think another great disappointment was not getting immigration reform done. I firmly believe that the immigration debate really didn't show the true nature of America as a welcoming society. I fully understand we need to enforce law and enforce borders. But the debate took on a tone that undermined the true greatness of America, which is that we welcome people who want to work hard and support their families.

GIBSON: Did the country disappoint you in its reaction to that issue?

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BUSH: No, not really. What was interesting was, is that the issue was very hot for a period of time; then the primaries ended and it wasn't much of an issue in the general election. It -- listen, immigration is a highly emotional issue. It's always been a highly emotional issue throughout our history. I was disappointed we didn't get a bill out of Congress. That's where I was disappointed.

GIBSON: How about you? One thing you'd have liked to have done as First Lady that perhaps didn't get done? MRS. BUSH: You know, I'm sure there are a lot. Really, just not -- I mean, just wish I could have done more, I guess, would be what the disappointment would be, on a lot of different issues. I wish we would see the release of political prisoners in Burma. I wish Afghanistan were really not having the problems they're having right now. And I think they are on the road to a real democracy, but it's a lot harder than I wish it would be.

GIBSON: I asked the President a moment ago before you came in the room what people don't know about being President. What don't they know about your role?

MRS. BUSH: About my role?

GIBSON: Yes.

MRS. BUSH: I don't know. You know, there's really not a map for my role. There's not really a job description. And what I do think happens is we end up benefiting from whatever the interests of our First Ladies have been.

I do think a lot of times First Ladies are trivialized with a pet project. And I think in every case, certainly that I know of, the First Ladies are much more complicated, much more dynamic people than you can tell from listening to press or reading press reports, because it's sort of an either/or. When George was elected I was asked, was I going to be Hillary Clinton or Barbara Bush, like I was either going to be --

GIBSON: Like they're polar opposites.

MRS. BUSH: -- in this box or in this box. But --

GIBSON: They're not polar opposites.

BUSH: No, not at all.

MRS. BUSH: No, not at all.

GIBSON: Did you give Michelle Obama any advice on that?

MRS. BUSH: No, not really.

GIBSON: Or, did you just say, figure it out yourself.

MRS. BUSH: No, we didn't -- she didn't ask for any advice like that, and I didn't give her any. What we talked about, really, was living in the house and making it a home -- because that is what the First Ladies have done first, and that is make sure it's a home for their children, it's a home for the President. And we talked about closets -- (laughter) -- we talked about, you know, all the things that will make it easier for her to move there and live there at the very first. And then I know she'll take on a lot of great issues.

GIBSON: How do you mentally adjust for life after January 20th?

BUSH: Check in about February 15th. I don't know. That's going to be an -- that's an interesting question. We've been in the spotlight now for 14 years. We've lived in the Governor's Mansion and the White House. It's going to be an interesting adjustment.

GIBSON: Do you talk to yourself in the shower about that?

BUSH: I generally sing in the -- no. (Laughter.) No, I'll begin to think about it -- obviously this financial situation makes it really hard to think about what life's going to be when we get out of here, because I've spent a lot of time thinking about people who are losing work, or watching their 401Ks go down.

And I'm confident I'll adjust, obviously. And I'm beginning to think through what I'm going to do. I intend to write a book. I'm going to build an institute at Southern Methodist University, along with the library and archives. That's where Laura went, right there in the heart of Dallas. And other than that, I'm just going to take it when it comes. I'd like to -- I tell you what I don't want to do, I don't want to draw attention to myself. Pretty much had it when it comes to --

GIBSON: You want to withdraw from the limelight?

BUSH: I think so, yes. I'd like to live life without the limelight for a while. I don't -- I think it's going to be real important for me to get off the stage. We got a new man coming on the stage; I wish him all the very best. And I don't want to be a -- I don't want to be out there critiquing him, his every move.

GIBSON: How about you? What thought have you given to it?

MRS. BUSH: Well, I'm actually thinking of things like being a cook again and doing those sort of things. And I'm feeling very incompetent -- (laughter.)

BUSH: I guess I'm going on a diet. (Laughter.)

MRS. BUSH: But I'm looking forward to that. I'm looking forward to the more normal daily life. But I want to keep working on all the things I've worked on. And I think the institute, the freedom institute that George is going to build will be a perfect vehicle for me to keep working on things.

GIBSON: Do you want to withdraw from the limelight, as he does?

MRS. BUSH: Sure.

GIBSON: Do you?

MRS. BUSH: Sure.

GIBSON: Because you go from 120 miles an hour --

MRS. BUSH: That's going to be the hard part.

GIBSON: -- to dead stop.

MRS. BUSH: That's it.

GIBSON: And one former President said to me, it's a shock when the phone rings, that you know it's probably the kids.