TRANSCRIPT: ABC News/Facebook/WMUR Republicans Debate

HUCKABEE: He has excited a lot of voters in this country. Let's pay respect for that. He is a likable person who has excited people about wanting to vote who have not voted in the past.

And we'd better be careful as a party, because if we don't give people something to be for, and only something to be against, we're going to lose that next election, and there are some fundamental issues that we lose with it.

GIBSON: Congressman Paul?

PAUL: You know, it's interesting that you asked this question, because we have a lot of similarities, matter of fact, Barack Obama and myself, because our campaign is made up of young people. And frequently we will have young people joining us that came from Barack Obama's campaign and we're very pleased.

But Barack spoke out against the war before it started, and he respects civil liberties, and I respect him for that.

But the question is, is why, why would it be? I assume it's because of the similarity in the age of us two candidates that young people are attracted to us.


PAUL: But it is. It's the youthfulness of the ideas that bring the young people to us.

But there is a difference between what Barack Obama is talking about, because he does give hope to young people, and that what happens in our campaign.

But I talk a lot more about different kind of economic policies. I talk about personal liberty and the right to people's personal life and getting -- stopping these wars and coming home and having a sensible monetary policy. And young people like this.

But Barack Obama is not going to talk about the goal of getting rid of the income tax and dealing with monetary policy. I mean, he is too much into the welfare state issue, not quite understanding how free market economics is the truly compassionate system.

If we care about the poor and want to help the poor, you have to have free markets. You can't have a welfare state in order to try to take care of people.

GIBSON: Let me move on.

People in this state, and everywhere, are worried about gas prices.

GIBSON: When 2007 began, oil was $61 a barrel. It was $100 last week. We haven't even begun to see the demand that India and China is going to put on the world's oil markets.

Don't you have to, in the end, level with people that gas prices are at this level to stay and, if anything, they're going to go higher?

And isn't not to do so intellectual dishonesty?


PAUL: I'll be glad to answer that question, because it's something I talk about all the time and it's a very important question.

The Wall Street Journal yesterday had a very good chart that explains this. If you look at the price of oil in the last 10 years, if you look at it in terms of dollars, it went up 350 percent.

If you look at it in euros, it went up about 200 percent.

If you look at it in the price of gold, it stayed flat.

It's the inflation, it's the printing of money, it's the destruction of the value of the dollar. Added on to this, the notion that we go to protect our oil.

PAUL: Oil was $27 when we went over there to get the oil and protect the oil and take the oil from Iraq. There's less -- there's less than about half the production now in Iraq right now. And we're threatening Iran. And that pushes prices up. It pushes up the concept of supply and demand.

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