President George W. Bush sat down with Chris Wallace this morning on Fox News Sunday to discuss, for the first time, the President's thoughts on the 2008 White House race, among other issues.

Regarding the presidential race, Bush said that Sen. John McCain is a conservative, but would have to convince others of that if he was the nominee. "His principles are sound and solid as far as I'm concerned," said Bush.

He also commented on the Democratic race, former President Bill Clinton's role in the campaign, the war in Iraq and the economy. A full transcript can be found here.

At the end of the interview, Wallace brought up the idea of the pair being members, "on very different levels," of a fraternity of children of famous fathers. Click continued to see the President discuss the need to "carve out his own identity":