(CBS News) -- Below is a transcript from the March 8, 2015 edition of Face the Nation. Guests included Israeli Prime Minister Benjamin Netanyahu, Senate Majority Leader Mitch McConnell, Rep. Trey Gowdy, Sen. Chuck Schumer, Sen. Tim Scott, Benjamin Crump, April Ryan, Gerald Seib, Ruth Marcus and Margaret Brennan.

BOB SCHIEFFER, HOST: I'm Bob Schieffer.

And today on FACE THE NATION: President Obama tells our Bill Plante Iran must make more concession on inspections if it wants a nuclear deal.

We will get the reaction of Israeli Prime Minister Benjamin Netanyahu in Jerusalem. We will hear from Mitch McConnell in his first Sunday interview since taking over as Senate majority leader, plus Congressman Trey Gowdy, who is tracking down those Hillary Clinton e-mails, Democratic Senator Chuck Schumer, and Selma 50 years after historic Bloody Sunday march, because this is FACE THE NATION.

Good morning.

In his interview with senior white correspondent Bill Plante yesterday in Selma, the president talked about how difficult it is going to be to get a nuclear deal with Iran, and in his clearest language yet said flatly that unless Iran agrees to more stringent inspections, he will walk away from the deal. Here is the key part of what he said.

(BEGIN VIDEO CLIP)

BARACK OBAMA, PRESIDENT OF THE UNITED STATES: There is enormous suspicion between the Iranian regime and the world, not just the United States.

The Iranians have negotiated seriously because we were able to bring them to the table through some of the toughest sanctions that have been ever put in place. We have made progress in narrowing the gaps, but those gaps still exist. And I would say that over the next month or so, we're going to be able to determine whether or not their system is able to accept what would be an extraordinarily reasonable deal, if in fact, as they say, they are only interested in peaceful nuclear programs.

And if we have unprecedented transparency in that system, if we are able to verify that in fact they are not developing weapon systems, then there's deal to be had. But that's going to require them to accept the kind of verification and constraints on their program that, so far at least, they have not been willing to say yes to.

BILL PLANTE, CBS NEWS SENIOR WHITE HOUSE CORRESPONDENT: The activity of the secretary of state and his counterparts suggests a lot of people, particularly I guess the Israelis, that a deal is imminent.

OBAMA: I think it is fair to say that there is an urgency because we now have been negotiating for well over a year.

And the good news is, is that during this period Iran has abided by the terms of the agreement, we know what is happening on the ground in Iraq. They have not advanced their nuclear program. We have been able to roll back their 20 percent highly enriched uranium during this period of time. It's given us unprecedented access into what they are doing. So we're not losing anything through these talks.

PLANTE: And you have said that if there is no deal, you're willing to walk away. That's it.

OBAMA: Absolutely. If there's no deal, then we walk away.

If we cannot verify that they are not going to obtain a nuclear weapon, that there's a breakout period, so that even if they cheated we would be able to have enough time to take action, if we don't have that kind of deal, then we're not going to take it.

(END VIDEO CLIP)

SCHIEFFER: Israeli Prime Minister Benjamin Netanyahu is back in Israel after his unprecedented speech to the joint session of Congress. He joins us now from Jerusalem.

Prime Minister, thank you for being here.

The president told Bill Plante he will walk away from any deal if it does not include more stringent inspections than the Iranians have already agreed to. Is that good enough?

BENJAMIN NETANYAHU, ISRAELI PRIME MINISTER: Well, I respect President Obama. I expressed appreciation in my speech in Congress, as I do now, for the many things that he's done for Israel.

We share the same goal of preventing Iran from getting a nuclear weapon, but we disagree on how to do it. I do not trust inspections with totalitarian regimes. It didn't work with North Korea. They violated it and played a good game of hide-and-cheat.

It didn't work with Iran. They cheated and bamboozled inspectors. They -- under the nose of inspectors, they built two underground bunkers that they didn't know about, the inspectors didn't know about, and we, the intelligence agencies of the U.S., Israel, Britain, didn't know about for years.

So, I would be a lot more circumspect. In fact, what I'm suggesting is that you contract Iran's nuclear programs, so there's less to inspect.

SCHIEFFER: Well, do you trust the president to make the right decision on this?

NETANYAHU: I think this is not an issue, a personal issue. It's not one of trust.

It's matter of survival, really, the deepest security issues for the state of Israel, I think for the security of the Middle East, for the security of the world, and also for United States. We can have obviously differing perspectives.

But I chose to bring out what I thought would be a better deal. I think the current proposal, as I understand it, enables Iran to have a vast nuclear infrastructure, which means a very short breakout time to the bomb. And, secondly, it lifts the restrictions after a decade. It just lifts all the restrictions on Iran.

And it could have an arsenal of many, many nuclear bombs. Plus, they're continuing to -- developing the intercontinental ballistic missiles to deliver that arsenal any place on earth, including the United States of America. I think there's a better deal.

The better deal is to increase the breakout time, to limit Iran's infrastructure, and, secondly, to condition the lifting, link the lifting of restrictions on Iran's nuclear program in the future to a change in Iran's behavior, to have it stopped instigating aggression against its neighbors, worldwide terrorism that it's doing, and to have them stop threatening the annihilation of Israel.

I think that is a better deal.

SCHIEFFER: Let me read you a tweet that the White House called -- sent out last week calling attention to an article by Fareed Zakaria on why he said your predictions have been wrong for 25 years. Were you offended by that?

NETANYAHU: Well, the reason I have been warning for 25 years is because Iran has been trying to get to the bomb. And if we hadn't acted, I and President Obama and Congress and others, if we hadn't acted in these intervening years, Iran would have had the nuclear weapon a long time ago.

And if we don't, if we let our guard down, if we had let our guard down, then Iran would have had the weapon. If we let our guard down now, it will have the weapon. And as far as tweets, I would -- if I had to choose, I would retweet something that relates to Iran. And that is the supreme leader, Ayatollah Khomeini's recent tweet in which he cites nine ways and reasons that Israel should be destroyed.

That gives you much better perspective on this regime. And even in these times of sometimes heated disagreement, I think it's useful to remember who your ally is and who your enemy is.

SCHIEFFER: A Saudi newspaper, "Al-Hayat," reported that the United States plans to offer some Arab states a so-called nuclear umbrella as protection against Iran.

Any reaction to that? And can you tell us, do you have information that that is even accurate?

NETANYAHU: I don't know, but if it's true, it raises two troubling questions.

The first is, it means that Iran has a nuclear weapons program. Otherwise, why offer presumably Gulf states, why offer them protection, nuclear protection? And the second is, if it's true, it signals a shift in U.S. policy from preventing a nuclear Iran to containing one. And that is not good.

SCHIEFFER: If there is a deal, do you believe that Iran's ties to terrorism need to be dealt with in the agreement? NETANYAHU: I think what you have to make sure is that the restrictions on Iran are not lifted, do not expire before Iran stops its worldwide campaign of terrorism, which has included, by the way, many attacking America and its allies around the world.

I think that is important. If the P5-plus-one, if the world powers don't want to condition ending terrorism before the deal is signed, they should certainly condition it before the deal expires, before the restrictions on Iran is lifted.

And, again, I think that you should demand from Iran clearly, before you lift restrictions on its nuclear program, that they stop terrorism, that they stop the aggression against the many countries in the Middle East that they're gobbling up now, and equally that they stop threatening to annihilate my country, the one and only Jewish state of Israel.

SCHIEFFER: Mr. Prime Minister, you knew it was going to be controversial when you decided to come to the United States and make the speech to the joint session. Do you feel that it was successful?

NETANYAHU: Well, look, I knew it would be difficult.

I certainly didn't have any attempt of having a partisan position. And I certainly didn't mean any disrespect to the president or anyone else. But I came because, as prime minister of Israel, I felt an obligation to speak before Congress, that may have an important role in this deal, before the deal is signed to alert them to what I think are enormous dangers to Israel, the region and to the world with the impending deal.

SCHIEFFER: You said in the past that Iran must have zero capability to enrich uranium. You did not mention that in your speech. Is that still your position?

NETANYAHU: That would have been our preference from the beginning. It always is our preference.

But I said, at the very least, you have to make sure that they don't have the capability to break out to a bomb within a year or less, which is the current proposal, because, in a year, anything could happen. You could have international crises that could get away with it.

So, I said that the kind of agreement that I was talking about, that is increase the breakout time, limit their facilities, and not lift the restrictions on their nuclear program, is something that would be much better deal, something that Israel and many of our Arab neighbors could live with, literally live with.

SCHIEFFER: And that is, that basically represents a change in what you said before; am I not right in saying that?

NETANYAHU: It's not our preference.

But it's our hope that this would be the minimal positions that -- adopted by the world powers. That is not that Iran would have a breakout capability of no more than one year, but a breakout capability that would require at least several years, which was what we had understood to be starting positions of those negotiations in the first place.

SCHIEFFER: Prime Minister, thank you so much for taking time to join us this morning.

NETANYAHU: Thank you, Bob. Appreciate it. Thank you.