Romney & Ryan: The first interview

One day after choosing Congressman Paul Ryan as his running mate, presidential candidate Mitt Romney and Rep. Ryan sit down for an interview with CBS News' Bob Schieffer

Bob Schieffer: Just "yes"?

Paul Ryan: I said, "I'm honored. I'm humbled." And, I said, "Yes."

Bob Schieffer: How long had you been thinking Paul Ryan?

Mitt Romney: Well, you know, I'd been given a number of people consideration. And there're some terrific people who could become president of the United States as Paul-- I mean Paul could become, if it were necessary, could become president. He has the experience and judgment, capacity and character to become president. And that was the first and most important criteria.

Bob Schieffer: Congressman, this is going to change your whole life. What did your family think about it?

Paul Ryan: Well, we've dedicated much of our lives to saving this country, to public service. I had planned a different path for my life when I was younger. And I felt a calling to public service. And Jan and I, my wife and I, discussed this at great length. It is going to change our life, but we really think that this is a moment in the country that needs leadership. And we really think that we can make a big difference and get our country back on track.

Bob Schieffer: Now I understand you're also gonna run for reelection in your congressional seat. Are you kind of hedging your bets here?

Paul Ryan: No, I'm already on the ballot. You can't even go off the ballot. So I've already filed. Our filing deadline was in June. I'm already on the ballot, so it has nothing to do with that.

Bob Schieffer: And Congressman Ryan, governor, is known up on the Hill as a teacher. He's a real expert on the budget. He helps other people understand it. Do you think he-- does he knows some things that-- will you learn from him?

Mitt Romney: Well, I sure hope so. I can't imagine you'd have two people that couldn't learn from one another. And obviously his experience on the Hill and working with a wide array of issues is something which will, in fact, already has been an input to my campaign and will be going forward. I-- you know, I-- well, I expect to work with him. If we become president and vice president we'll work together, looking at issues together. Important decisions will be made with his consultations along with other individuals. And, obviously, I have to make the final call in important decisions. But, this is a man who's dedicated the last 14 years working in Washington in ways that are not highly partisan or political, but instead are focused on what he thinks the right course is for America. And that's the kind of person I want. This is a man who's also very analytical. He's a policy guy. People know him as a policy guy. That's one of the reasons he has such respect on both sides of the aisle. I'm a policy guy, believe it or not. I love policy. I love solving tough problems. And we face real challenges around the world, places like Syria, Egypt, Iran. We've got real problems. Domestically, you have 23 million Americans out of work or stopped looking for work. The president has not been able to get this economy going. I believe that you have to have folks that have the kind of capacity and experience that we have to get America back on track.

Bob Schieffer: Congressman, what would be your role in the campaign? Are you going to be the attack dog?

Paul Ryan: I'm going to help him win this race so we can do it for the American people. We're going to split up more often than not and double our efforts. So to me this is-- it was one against two for a while. Now it's two against two. We're going to redouble our efforts and we're going to bring a message to the country: "Here's how you get the country back on track."