This is the video of the ENTIRE debate - 1 hour and 32 minutes.
IFILL: Everybody gets extra credit tonight. We're going to move on to the next question. Governor, you said in July that someone would have to explain to you exactly what it is the vice president does every day. You, senator, said you would not be vice president under any circumstances. Now maybe this was just what was going on at the time. But tell us now, looking forward, what it is you think the vice presidency is worth now.
PALIN: In my comment there, it was a lame attempt at a joke and yours was a lame attempt at a joke, too, I guess, because nobody got it. Of course we know what a vice president does.
BIDEN: They didn't get yours or mine? Which one didn't they get?
PALIN: No, no. Of course, we know what a vice president does. And that's not only to preside over the Senate and will take that position very seriously also. I'm thankful the Constitution would allow a bit more authority given to the vice president if that vice president so chose to exert it in working with the Senate and making sure that we are supportive of the president's policies and making sure too that our president understands what our strengths are. John McCain and I have had good conversations about where I would lead with his agenda. That is energy independence in America and reform of government over all, and then working with families of children with special needs. That's near and dear to my heart also. In those arenas, John McCain has already tapped me and said, that's where I want you, I want you to lead. I said, I can't wait to get and there go to work with you.
BIDEN: Gwen, I hope we'll get back to education because I don't know any government program that John is supporting, not early education, more money for it. The reason No Child Left Behind was left behind, the money was left behind, we didn't fund it. We can get back to that I assume.
With regard to the role of vice president, I had a long talk, as I'm sure the governor did with her principal, in my case with Barack. Let me tell you what Barack asked me to do. I have a history of getting things done in the United States Senate. John McCain would acknowledge that. My record shows that on controversial issues.
I would be the point person for the legislative initiatives in the United States Congress for our administration. I would also, when asked if I wanted a portfolio, my response was, no. But Barack Obama indicated to me he wanted me with him to help him govern. So every major decision he'll be making, I'll be sitting in the room to give my best advice. He's president, not me, I'll give my best advice.
And one of the things he said early on when he was choosing, he said he picked someone who had an independent judgment and wouldn't be afraid to tell him if he disagreed. That is sort of my reputation, as you know. I look forward to working with Barack and playing a very constructive role in his presidency, bringing about the kind of change this country needs.
IFILL: Governor, you mentioned a moment ago the constitution might give the vice president more power than it has in the past. Do you believe as Vice President Cheney does, that the Executive Branch does not hold complete sway over the office of the vice presidency, that it it is also a member of the Legislative Branch?
PALIN: Well, our founding fathers were very wise there in allowing through the Constitution much flexibility there in the office of the vice president. And we will do what is best for the American people in tapping into that position and ushering in an agenda that is supportive and cooperative with the president's agenda in that position. Yeah, so I do agree with him that we have a lot of flexibility in there, and we'll do what we have to do to administer very appropriately the plans that are needed for this nation. And it is my executive experience that is partly to be attributed to my pick as V.P. with McCain, not only as a governor, but earlier on as a mayor, as an oil and gas regulator, as a business owner. It is those years of experience on an executive level that will be put to good use in the White House also.
IFILL: Vice President Cheney's interpretation of the vice presidency?
BIDEN: Vice President Cheney has been the most dangerous vice president we've had probably in American history. The idea he doesn't realize that Article I of the Constitution defines the role of the vice president of the United States, that's the Executive Branch. He works in the Executive Branch. He should understand that. Everyone should understand that.
And the primary role of the vice president of the United States of America is to support the president of the United States of America, give that president his or her best judgment when sought, and as vice president, to preside over the Senate, only in a time when in fact there's a tie vote. The Constitution is explicit.
The only authority the vice president has from the legislative standpoint is the vote, only when there is a tie vote. He has no authority relative to the Congress. The idea he's part of the Legislative Branch is a bizarre notion invented by Cheney to aggrandize the power of a unitary executive and look where it has gotten us. It has been very dangerous.
There's also the bit on "American Exceptionalism" which she doesn't seem to understand is a dirty word in international circles, because it means not what SHE thinks it means that we're "exceptional" as in "better than everybody else" but rather that exceptions must be made to international law for us because we are (were) so powerful and could basically bully all other nations of the world.
IFILL: Let's talk conventional wisdom for a moment. The conventional wisdom, Gov. Palin with you, is that your Achilles heel is that you lack experience. Your conventional wisdom against you is that your Achilles heel is that you lack discipline, Sen. Biden. What id it really for you, Gov. Palin? What is it really for you, Sen. Biden? Start with you, governor.
PALIN: My experience as an executive will be put to good use as a mayor and business owner and oil and gas regulator and then as governor of a huge state, a huge energy producing state that is accounting for much progress towards getting our nation energy independence and that's extremely important.
But it wasn't just that experience tapped into, it was my connection to the heartland of America. Being a mom, one very concerned about a son in the war, about a special needs child, about kids heading off to college, how are we going to pay those tuition bills? About times and Todd and our marriage in our past where we didn't have health insurance and we know what other Americans are going through as they sit around the kitchen table and try to figure out how are they going to pay out-of-pocket for health care? We've been there also so that connection was important.
But even more important is that world view that I share with John McCain. That world view that says that America is a nation of exceptionalism. And we are to be that shining city on a hill, as President Reagan so beautifully said, that we are a beacon of hope and that we are unapologetic here. We are not perfect as a nation. But together, we represent a perfect ideal. And that is democracy and tolerance and freedom and equal rights. Those things that we stand for that can be put to good use as a force for good in this world.
John McCain and I share that. You combine all that with being a team with the only track record of making a really, a difference in where we've been and reforming, that's a good team, it's a good ticket.
Palin: In my administration, we're going to hold the people of Wall Street responsible, and we're going to enact and enforce reforms to make sure that these outrages never happen in the first place.
"In MY administration" -- Ms. Palin, you are not running for president.
Record Refutes Palin's Sudan Claim