(CBS News) Below is a transcript of "Face the Nation" on November 24, 2013, hosted by CBS News' Bob Schieffer. Guests include: Secretary of State John Kerry, Rep. Steny Hoyer, D-Md., Rep. Kevin McCarthy, R-Calif., Clint Hill, David Rohde, David Sanger, Kim Strassel and John Dickerson.
BRENNAN: Well, you say that's a small amount of financial relief. And it's just about $7 billion. But this is to a country that the U.S. still considers to be the top sponsor of terrorism in the world.
KERRY: But the...
BRENNAN: How do you control how they spend that money?
Are you confident...
BRENNAN: -- that it's not going to the wrong places?
KERRY: What you have to do here is begin a process by which you can actually dismantle their program and prove what it is or isn't doing. We're beginning in a place that will lock in their program where it is today, with respect to critical facilities, at the plutonium heavy water reactor. They will not be able to commission it. And we will know that because we can inspect it.
Today, we can't. That makes everybody safer.
We will be inside the Fordow enrichment facility that's built into a mountain, the secret facility. We're going to get into that.
Are you telling me we're not better off being able to get in and see what's happening?
Of course we are.
In each case where they have been able to enrich without our knowing exactly what they're doing, we will now be able to have greater inspection, greater knowledge, greater restraint. And that will expand the amount of time it would take for the to break out and create a nuclear weapon. That makes Israel safer. That makes the region safer. And we believe it is the right thing to do to put to test whether or not they will actually show the world they have a peaceful nuclear program.
BRENNAN: Thank you very much, Mr. Secretary.
KERRY: Thank you.
(END VIDEO TAPE)
SCHIEFFER: As you just heard there, Israel, America's closest ally in the region, wasted no time in saying it wanted no part of the deal and did not consider it bound by anything in it.
Israeli Prime Minister Benjamin Netanyahu spoke just a short while ago.
(BEGIN VIDEO CLIP)
BENJAMIN NETANYAHU, ISRAELI PRIME MINISTER: What was concluded in Geneva last night is not an historic agreement, it's an historic mistake. This agreement has made the world a much more dangerous place.
(END VIDEO CLIP)
SCHIEFFER: Israeli prime minister, Benjamin Netanyahu, this morning.
We want to go back now to Margaret Brennan, who has now made her way to our London bureau.
Margaret, good morning to you.
And how is the United States going to handle this obvious disagreement with Israel?
BRENNAN: Well, this deal caused a lot of friction with Israel even before it was signed. Benjamin Netanyahu, Israel's prime minister, has been very bold and very vocal about what he sees as the Obama administration's naivete in going ahead with this diplomatic deal.
But the Israelis have been briefed extensively throughout this process. They are well aware of what is in this deal and what is not.
But when you look at the region, it's not just Israel who is concerned here. It's the Arab states who live in Iran's backyard, allies to the U.S., like Saudi Arabia and some of the other Gulf States.
The U.S. has armed them and Israel to the teeth in recent years to try to help defend them against an I ran threat.
So now this change in policy to go down a diplomatic route is causing some concern, some insecurity there, saying, well maybe the U.S. won't come to our own defense.
The U.S. is going to try to sell this now. The administration has to convince Israel, Saudi and those Gulf countries, that this is actually the safer path forward.
Secretary Kerry has already said he's going to be on a plane flying to Israel immediately after the Thanksgiving holiday to try to smooth over some of these concerns.
SCHIEFFER: All right.
Well, thank you so much, Margaret.
And for some more analysis now, we're joined by the chief Washington correspondent for the "New York Times," David Sanger, and David Rohde, who is a columnist for both Reuters and "The Atlantic."
David, you wrote in the late editions of "The Times" this morning that this was what you called "a modest down payment."
What do you mean by that?
DAVID SANGER, "NEW YORK TIMES": What I mean by that, Bob, is that what the United States is trying to accomplish here is to greatly expand the dash time to a bomb, the amount of time it would take Iran, if it ever decided to get a weapon, to actually go race for it. This initial agreement buys them a month to a couple of months, people in the intelligence agencies say. But the centrifuges will keep spinning. They won't be adding to the stockpile.
So I think that Secretary Kerry is absolutely right when he says that they're much better off to have this than they would be not to have it, where the system would have built up in about six months to something significantly greater.