Full Transcript: ABC News Iowa Republican Debate

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MICHELE BACHMANN: Well, when you're talking about taking over $100 million, and when your office is on the Rodeo Drive of Washington D.C., which is K Street, and you're taking money to influence the outcome of legislation in Washington, that's the epitome of the establishment, that's the epitome of a consummate insider. But your question was, who's the proven con-- constitutional conservative in this race, and that would be me.

I'm 55 years old, I've spent 50 years in the real world as a private business woman living real life and-- and building a real business. But you have to take a look at the candidates that-- that are on the stage. You started out with Mitt Romney with Newt Gan-- Gingrich, asking them about whether or not they're the conservative in this race.

But you have to take a look. You-- when you look at Newt Gingrich, for 20 years, he's been advocating for the individual mandate in healthcare. That's-- that's longer than Barack Obama. Or if you look at Mitt Romney as the governor of Massachusetts, he's the only governor that put into place socialized medicine. No other governor did. Our nominee has to stand on a stage and debate Barack Obama and be completely different.

I led 40,000 Americans to Washington D.C., to the Capitol, to fight ObamaCare. I didn't advocate for it. If you look at-- at-- at Newt/Romney, they were for ObamaCare principles. If you look at Newt/Romney, they were for cap and trade. If you look at Newt/Romney, they were for the illegal immigration problem. And if you look at (LAUGH) Newt/Romney, they were for the $700 billion bailout. And you just heard Newt/Romney is also with Obama on the issue of the payroll extension.

GEORGE STEPHANOPOULOS: Okay.

MICHELE BACHMANN: So if you want a difference, Michele Bachmann is the proven conservative. It's not Newt/Romney.

GEORGE STEPHANOPOULOS: You threw-- you threw a lot out there. (APPLAUSE) So let's get both-- both of them a chance to respond, Speaker Gingrich, you go first, because you were in there twice-- also on r-- on-- Romney, and then--

NEWT GINGRICH: Okay-- those four points--

GEORGE STEPHANOPOULOS: --Senator Romney, right go ahead.

NEWT GINGRICH: Well, Michele, you know, a lot of what you say just isn't true, period. I have never-- I have-- I oppose cap and trade, I testified against it, the same day that Al Gore testified for it. I helped defeat it in the Senate through American solutions. It is simply untrue. I fought against ObamaCare at every step of the way. I did it with-- the Center for Health Transformation was actively opposed, we actively campaigned against it.

You know, I think it's important for you, and the-- this is fair game, and everybody gets to-- to-- to pick fights. It's important that you be accurate when you say these things. Those are not true. And most of the money I made, frankly, I made in ways that are totally-- had nothing to do with anything you've described. I did no lobbying, no representation. And frankly, my-- my speech-- my-- my speech money and other things I did, they had nothing to do with that.

It was a lot larger source of income. So, you know, I've had 24 books and I've had 13 New York Times best-sellers. Now-- that was not people who wanted influence running around buying my books. I know that doesn't fit your model, it happens to be true.

MICHELE BACHMANN: Can I respond? (APPLAUSE)

GEORGE STEPHANOPOULOS: Thirty seconds, then Governor Romney.

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