ROMNEY: Well, first of all, I want to underscore the same point the president mad,e which is that if I'm President of the United States, when I'm President of the United States, we will stand with Israel.
And if Israel is attacked, we have their back, not just diplomatically, not just culturally, but militarily. That's number one.
Number two, with regards to Iran and the threat of Iran, there's no question but that a nuclear Iran, a nuclear-capable Iran is unacceptable to America. It presents a threat not only to our friends but ultimately a threat to us to have Iran have nuclear material, nuclear weapons that could be used against us or used to be threatening to us.
ROMNEY: It is also essential for us to understand what our mission is in Iran, and that is to dissuade Iran from having a nuclear weapon through peaceful and diplomatic means. And crippling sanctions are something I called for five years ago, when I was in Israel, speaking at the Herzliya Conference. I laid out seven steps, crippling sanctions were number one. And they do work. You're seeing it right now in the economy. It's absolutely the right thing to do, to have crippling sanctions. I would have put them in place earlier. But it's good that we have them.
Number two, something I would add today is I would tighten those sanctions. I would say that ships that carry Iranian oil, can't come into our ports. I imagine the E.U. would agree with us as well. Not only ships couldn't, but I'd say companies that are moving their oil can't, people who are trading in their oil can't. I would tighten those sanctions further. Secondly, I'd take on diplomatic isolation efforts. I'd make sure that Ahmadinejad is indicted under the Genocide Convention. His words amount to genocide incitation. I would indict him for it. I would also make sure that their diplomats are treated like the pariah they are around the world. The same way we treated the apartheid diplomats of South Africa.
We need to increase pressure time, and time again on Iran because anything other than a — a — a solution to this, which says — which stops this — this nuclear folly of theirs, is unacceptable to America. And of course, a military action is the last resort. It is something one would only - only consider if all of the other avenues had been — had been tried to their full extent.
SCHIEFFER: Let me ask both of you, there — as you know, there are reports that Iran and the United States a part of an international group, have agreed in principle to talks about Iran's nuclear program. What is the deal, if there are such talks? What is the deal that you would accept, Mr. President?
OBAMA: Well, first of all those are reports in the newspaper. They are not true. But our goal is to get Iran to recognize it needs to give up its nuclear program and abide by the U.N. resolutions that have been in place. Because they have the opportunity to reenter the community of nations, and we would welcome that.
There — there are people in Iran who have the same aspirations as people all around the world for a better life. And we hope that their leadership takes the right decision, but the deal we'll accept is they end their nuclear program. It's very straightforward. And I'm glad that Governor Romney agrees with the steps that we're taking. You know, there have been times, Governor, frankly, during the course of this campaign, where it sounded like you thought that you'd do the same things we did, but you'd say them louder and somehow that — that would make a difference.
And it turns out that the work involved in setting up these crippling sanctions is painstaking. It's meticulous. We started from the day we got into office. And the reason is was so important — and this is a testament to how we've restored American credibility and strength around the world — is we had to make sure that all the countries participated, even countries like Russia and China. Because if it's just us that are imposing sanctions — we've had sanctions in place a long time. It's because we got everybody to agree that Iran is seeing so much pressure. And we've got to maintain that pressure.
There is a deal to be had, and that is that they abide by the rules that have already been established. They convince the international community they are not pursuing a nuclear program. There are inspections that are very intrusive. But over time, what they can do is regain credibility. In the meantime, though, we're not going to let up the pressure until we have clear evidence that that takes place.
And one last thing — just — just to make this point. The clock is ticking. We're not going to allow Iran to perpetually engage in negotiations that lead nowhere. And I've been very clear to them. You know, because of the intelligence coordination that we do with a range of countries, including Israel, we have a sense of when they would get breakout capacity, which means that we would not be able to intervene in time to stop their nuclear program.
And that clock is ticking. And we're going to make sure that if they do not meet the demands of the international community, then we are going to take all options necessary to make sure they don't have a nuclear weapon.
ROMNEY: I think from the very beginning, one of the challenges we've had with Iran is that they have looked at this administration, and felt that the administration was not as strong as it needed to be.
I think they saw weakness where they had expected to find American strength. And I say that because from the very beginning, the president in his campaign four years ago, said he would meet with all the world's worst actors in his first year, he'd sit down with Chavez and Kim Jong-il, with Castro and President Ahmadinejad of Iran.
And I think they looked and thought, well, that's an unusual honor to receive from the President of the United States. And then the president began what I have called an apology tour, of going to various nations in the Middle East and criticizing America. I think they looked at that and saw weakness.
Then when there were dissidents in the streets of Tehran, a Green Revolution, holding signs saying, is America with us, the president was silent. I think they noticed that as well.
And I think that when the president said he was going to create daylight between ourselves and Israel, that they noticed that as well.
All of these things suggested, I think, to the Iranian mullahs that, hey, you know, we can keep on pushing along here, we can keep talks going on, we're just going to keep on spinning centrifuges.
Now there are some 10,000 centrifuges spinning uranium, preparing to create a nuclear threat to the United States and to the world. That's unacceptable for us, and it's essential for a president to show strength from the very beginning, to make it very clear what is acceptable and not acceptable.
And an Iranian nuclear program is not acceptable to us. They must not develop nuclear capability. And the way to make sure they understand that is by having, from the very beginning, the tightest sanctions possible. They need to be tightened. Our diplomatic isolation needs to be tougher. We need to indict Ahmadinejad. We need to put the pressure on them as hard as we possibly can, because if we do that, we won't have to take the military action.
OBAMA: Bob, let me just respond.
Nothing Governor Romney just said is true, starting with this notion of me apologizing. This has been probably the biggest whopper that's been told during the course of this campaign. And every fact checker and every reporter who's looked at it, Governor, has said this is not true.
And when it comes to tightening sanctions, look, as I said before, we've put in the toughest, most crippling sanctions ever. And the fact is, while we were coordinating an international coalition to make sure these sanctions were effective, you were still invested in a Chinese state oil company that was doing business with the Iranian oil sector.
So I'll let the American people decide, judge, who's going to be more effective and more credible when it comes to imposing crippling sanctions.
And with respect to our attitude about the Iranian revolution, I was very clear about the murderous activities that had taken place and that was contrary to international law and everything that civilized people stand for.
And — and so the strength that we have shown in Iran is shown by the fact that we've been able to mobilize the world.
When I came into office, the world was divided. Iran was resurgent. Iran is at its weakest point, economically, strategically, militarily, then since — then in many years. And we are going to continue to keep the pressure on to make sure that they do not get a nuclear weapon. That's in America's national interest and that will be the case so long as I'm president.