"Face the Nation" transcript: September 4, 2011

Below is a rush transcript of  "Face the Nation" on September 4, 2011, hosted by CBS News chief Washington correspondent Bob Schieffer. The guests are Rep. Michele Bachmann, R-Minn., and former Utah Governor Jon Huntsman.

You can watch the full show by clicking on the video player above.

BOB SCHIEFFER: Today on Face the Nation, will the bad economy and the dismal unemployment figures bring out even more Republican candidates?

(BEGIN VIDEO CLIP)

SARAH PALIN: The challenge is not simply to replace Obama in 2012, but the real challenge is who and what we will replace him with.

(END VIDEO CLIP)

SCHIEFFER: Is she or isn't she running? She still won't say, but there's no doubt about this fellow's intentions.

(BEGIN VIDEO CLIP)

RICK PERRY, REPUBLICAN PRESIDENTIAL CANDIDATE: One in six work- eligible Americans cannot find a job. Mr. President, that is not a recovery, that is an economic disaster.

(END VIDEO CLIP)

SCHIEFFER: Suddenly he's the Republican frontrunner. As the president prepares to tell the nation his plan to create more jobs on Thursday, we'll talk to two Republican candidates who surprised the pundits: Minnesota Congresswoman Michele Bachmann, who is doing much better than expected; and former Utah Governor Jon Huntsman who has found rough going as the moderate in the race.

It's all ahead on Face the Nation.

ANNOUNCER: From CBS News in Washington, Face the Nation with Bob Schieffer.

SCHIEFFER: And good morning again. Welcome to Face the Nation. And we welcome Republican presidential candidate Michele Bachmann. She is with us this morning from her home state of Minnesota. She's in Minneapolis.

Good morning, congresswoman.

BACHMANN: Good morning, Bob. Good to be with you.

SCHIEFFER: Thank you. And to get the economy going, you and most of the Republicans -- I want to just dive right in here -- are calling for reducing taxes on corporations. But yesterday Sarah Palin went all of you one better. She called for just eliminating all corporate taxes. Listen to this.

(BEGIN VIDEO CLIP)

PALIN: I propose to eliminate all federal corporate income tax. And hear me out on this. This is how we create millions of high- paying jobs to balance out any loss of federal revenue from this tax cut, we eliminate corporate welfare and all the loopholes and we eliminate bailouts.

(END VIDEO CLIP)

SCHIEFFER: So you're a tax lawyer, congresswoman. Would you go that far? Would you eliminate all corporate income taxes?

BACHMANN: Well, you're right, I am a tax lawyer. And I'm also a private business woman as well. We've started our own company. And we've created jobs here in Minnesota. And I think the very first thing that I would do today as president of the United States is to bring about repatriation of income from American corporations that have earned money overseas. We have, according to 60 Minutes on your own network, we have over $1.2 trillion in earnings that we could bring immediately to kick-start the economy which would be a true stimulus.

We could bring that money in at a 0% tax rate. Have it be 0% through December 31. And then have it permanently fixed at 5%. After that, I think we do need a reduction permanently in the corporate tax rate. And that's the difference I think between what I want to do versus President Obama. His solutions, Bob, have all been government focused and very temporary gimmick fixes.

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