(CBS) In the latest in a series of two-minute debates for CBS News 60 Minutes, former Senate Majority Leader Bob Dole and former President Bill Clinton discuss presidential term limits. Following is a transcript of their debate:

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SENATOR DOLE: Mr. President, sometimes you don't get the credit you deserve. Just last week you showed a real sense of humor. You want to change the constitution to let somebody, anybody, serve more than two terms as president.

Now who did you have in mind? Former Presidents Ford, Carter or Bush? You know, what about me? I ran since 1980 and never got one term - or even an overnight stay in the Lincoln bedroom. Now, you want a third or fourth term. Why stop there?

If cloning keeps advancing, you could be president for more than one lifetime. The two-term tradition was set by George Washington. Only one exception: FDR in time of world crisis. Don't you think some day Al Gore would tire of being vice president?

PRESIDENT CLINTON: "Shouldn't the people have the right to vote for someone as many times as they want to vote for him?"

Those aren't my words, Senator. They're Ronald Reagan's, who said in 1986 that the term limit on presidents was "a mistake." Now, I wouldn't go as far as President Reagan. I think presidents should be limited to two consecutive terms, then after a time out of office should be able to run again.

Don't worry. I know I won't be running for president again. It takes too long to change the Constitution, and I don't believe in human cloning! But in the future, our country might face a crisis that a former president is uniquely qualified to help solve. The American public should have that option.

As for you, senator, you can run again. Or you could give the other Senator Dole a shot!

SENATOR DOLE: Wow. Getting a wife to run for president. Wonder where you got that idea, Mr. President. You’ve been reading too many books. Don't be coy. I hear what you're really saying: With the field of Democrats out there, if the law allowed, you'd be running against President Bush today. Isn't that right?

PRESIDENT CLINTON: No, that's wrong. I like and admire the Democrats in the race and one of them will emerge to challenge the president, and I predict another close election. I just hope this one gets decided by the people, not five members of the Supreme Court.

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