Some of my favorite moments:

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Russert: The Bush-Cheney first three years, the unemployment rate has gone up 33 percent, there has been a loss of 2.2 million jobs. We've gone from a $281 billion surplus to a $521 billion deficit. The debt has gone from 5.7 trillion, to $7 trillion up 23 percent.

Based on that record, why should the American people rehire you as CEO?

President Bush: Sure, because I have been the President during a time of tremendous stress on our economy and made the decisions necessary to lead that would enhance recovery. We’ll review the bidding here. The stock market started to decline in March of 2000. That was the first sign that things were troubled. The recession started upon my arrival. It could have been some say February, some say March, some speculate maybe earlier it started, but nevertheless it happened as we showed up here.

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Russert: The General Accounting Office, which are the nation's auditors...

President Bush: Yeah.

Russert: ...have done a study of our finances.

President Bush: Um hmm.

Russert: And this is what your legacy will be to the next generation. It says that our “current fiscal policy is unsustainable.” They did a computer simulation that shows that balancing the budget in 2040 could require either cutting total Federal spending in half or doubling Federal taxes.

President Bush: Um hmm.

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President Bush: If you look at the appropriations bills that were passed under my watch, in the last year of President Clinton, discretionary spending was up 15 percent, and ours have steadily declined.

And the other thing that I think it's important for people who watch the expenditures side of the equation is to understand we are at war, Tim, and any time you commit your troops into harm's way, they must have the best equipment, the best training, and the best possible pay. That's where we owe it to their loved ones.

Russert: That's a very important point. Every president since the Civil War who has gone to war has raised taxes, not cut them.

President Bush: Yeah.

Russert: Raised to pay for it. Why not say, I will not cut taxes any more until we have balanced the budget? If our situation is so precious and delicate because of the war, why do you keep cutting taxes and draining money from the treasury?

President Bush: Well, because I believe that the best way to stimulate economic growth is to let people keep more of their own money.

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For more on the interview check out the Center for American Progress.