The following is a rush transcript of the May 22, 2011 edition of "Fox News Sunday With Chris Wallace." This copy may not be in its final form and may be updated.

CHRIS WALLACE, ANCHOR: I'm Chris Wallace.

A big name governor passes on a run for the White House. While a compelling new face gets in.

An unlikely Republican adds buzz to the GOP presidential race, citing his lack of political experience as a strength.

(BEGIN VIDEO CLIP)

HERMAN CAIN, REPUBLICAN PRESIDENTIAL CANDIDATE: Most of the people that are elected office in Washington, D.C., they have held public office before. How is that working for you?

(LAUGHTER)

(END VIDEO CLIP)

WALLACE: Former businessman Herman Cain sits down for a "2012: One-on-One" interview -- only on "Fox News Sunday."

Then, mounting debt and an economy stuck in neutral and no signs of progress on Capitol Hill.

We'll get a read on what kind of deal the GOP will accept when we're joined by the GOP's top Republican Mitch McConnell.

Plus, the president lays out his vision for new Middle East, but alienates Israel. We'll ask our Sunday panel if the Obama plan will help or hurt the peace process.

All right now on "Fox News Sunday."

And hello again from Fox News in Washington.

Earlier Sunday morning, we learned Indiana Governor Mitch Daniels, a favorite of many establishment conservatives, will not enter the 2012 Republican race for president. Daniels cited family considerations in making his decision.

But on Saturday in Atlanta, Herman Cain, the former CEO of Godfather's Pizza, made it official. He is running for the GOP presidential nomination.

As part of the continuing series, "2012: One on One," we are joined by Mr. Cain for his first interview since becoming a candidate.

Welcome to "Fox News Sunday."

CAIN: Thanks, Chris. It's my pleasure.

WALLACE: You ended your announcement yesterday talking about what will happen to America once you're elected.

(BEGIN VIDEO CLIP)

CAIN: We will al be able to say -- free at last! Free at last! Thank God Almighty, this nation is free at last again!

(END VIDEO CLIP)

WALLACE: Mr. Cain --

CAIN: Yes?

WALLACE: -- free from what?

CAIN: Free from rising debt. Free from legislation that's being forced down the throat of the American people like Obamacare. Free from an arrogant disregard of the American people as it relates to things that the people want. Free from a stagnant economy when, in fact, we have the ability to grow a lot faster if we lower taxes, if we get rid of the -- lower the capital gains tax.

Suspend taxes on foreign repatriated profits, providing direct stimulus such as a real payroll tax holiday for employees and employers. And free from dependence on foreign oil, which is only going up because we don have a real energy independence plan.

WALLACE: All right. Let's drill down, that is the whole point of you being here today. Drill down on some of you views.

On the debt limit, you say: don't make a deal. Even John Boehner who says: let's cut spending at least as much, dollar for dollar, as we raise the debt limit. You say that is nothing but a stall tactic.

CAIN: Yes, it is.

WALLACE: Let's take a look.

(BEGIN VIDEO CLIP)

CAIN: Raise the debt ceiling, pay for the stuff that's critical, and then the other things are going to have to be forced mandatory cuts.

(END VIDEO CLIP)

WALLACE: So, under the Cain plan, you would pay our Chinese creditors first --

CAIN: Yes.

WALLACE: -- while substantially cutting, sharply cutting, services, programs for Americans?

CAIN: Yes. But not -- pay the debt, pay the interest on the debt first. Make sure we take care of our military and their families. Thirdly, make sure the people that are getting paid for Social Security checks that they get paid. And then, fourth, make sure that people's Medicare bills get paid.