Bob Scheiffer, the host of "Face the Nation," announced his passing on CBS this morning, saying that Wallace died on Saturday night in New Haven, CT alongside his family.
Wallace had been in declining health in recent years.
His last interview for CBS was with retired baseball star Roger Clemens, which aired in January 2008.
Wallace was the first person hired by legendary CBS producer Don Hewitt when he was putting together the staff for "60 Minutes." He won 21 Emmy awards, five DuPont-Columbia journalism awards, and five Peabody awards.
Wallace never had a problem confronting his guests, perhaps best evidenced by two of his more famous interviews -- with Barbra Streisand in 1991 and Louis Farrakhan in 2005 (see below).