TRANSCRIPT: ABC News/Facebook/WMUR Democratic Debate

The following is a full transcript of the Democratic presidential debate sponsored by ABC News, Facebook, and ABC affiliate WMUR. The debate took place on January 5, 2008, at St. Anslem College in Manchester, New Hampshire.

SAWYER: And that's Charlie Gibson talking to the new crowd that has come in for the Democratic contenders as they gear up to begin their debate in just a few minutes, as we say.

They're checking mics, checking where they're going to sit. It is the second half of our double-header tonight.

And while they're getting ready, we though we'd show you some of the action taking place outside the auditorium at St. Anselm College.

Take a look at this. It's the campaign visibility area, which is a very dry name for what goes on. The candidates' supporters go out and, in some of the gentler campaign arts, they sign at each other, they cheer for each -- it's 32 degrees outside, George.

STEPHANOPOULOS: And you know what so much of that is for? That's actually for the candidates. You want your candidate to go into that room and see all the supporters out there so it pumps you up as you're heading in.

SAWYER: So, as they come in in their cars...

STEPHANOPOULOS: Absolutely.

SAWYER: ... they see their supporters braving the cold to cheer them on.

SAWYER: It's a great thing, one of the things we love about democracy. But of course, I just want to say that we do want to remind everybody of where everything stands now.

STEPHANOPOULOS: That's right.

In the Iowa caucuses Thursday night, Barack Obama, the big winner on Thursday night. He got 38 percent of the vote. John Edwards squeezing by Hillary Clinton, 30 percent to her 29 percent, and Bill Richardson, who will also be in the debate tonight, he was way, way back. He was back at 2 percent.

SAWYER: And as we said earlier, according to the latest tracking poll from our affiliate in New Hampshire, WMUR, cosponsors of tonight's debate, Clinton and Obama are now neck-and-neck, tied at 33 percent going into tonight's debate, with Edwards in third with 20 percent, Richardson in fourth with 4 percent.

OK, George, tell us what to look for here.

STEPHANOPOULOS: I think Senator Clinton's got the toughest job tonight. She's got to find a way to be aggressive and engage Barack Obama, without appearing too negative.

STEPHANOPOULOS: What I think she's going to try to do is pressure him on national security issues, and pounce if he makes a mistake. That's what's most important.

What she'll also do -- and this is speaking about what Bianna found in Facebook -- show some passion about the economy, about what people are going through, especially in New Hampshire.

Barack Obama, his job tonight is to ride the wave. You know, he grew up part of his life in Hawaii. He was a surfer. And what he's got to do tonight is just ride this wave of change. But there's going to be a lot of pressure on him as well, again, on these national security issues. He cannot make a mistake on this issue tonight. That could be real trouble for him.

John Edwards -- I don't actually know what he's going to do, because he's got a choice to make tonight. He's got to decide who his opponent is in New Hampshire. Is it Hillary Clinton or Barack Obama? Out on the stump in the last few days, he's been kind of ignoring Senator Clinton and focusing more on Obama. We'll see what he does tonight.

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