Full Transcript: ABC News Iowa Republican Debate

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But middle class is suffering, but not only because we bale out the rich and dump on the poor and they lose their jobs and they lose their houses, but there's a characteristic about monetary policy. When a country destroys its currency, it transfers wealth from the middle class to the wealthy, and this is what you're seeing today: the elimination of the middle class. And going to get a lot worse unless we address the subject overspending, over-borrowing, and printing too much money, and understanding the business cycle.

DIANE SAWYER: Senator Santorum. (APPLAUSE)

SENATOR RICK SANTORUM: I c-- I can say that I grew up in a very modest home and was very blessed to have-- all my basic needs met. And one of the most basic needs and the most important one that I've learned was that I was blessed to have a mother and a father. That was the most important gift that I was given, that I had two parents who were together, who loved me, who supported me and made me feel safe. And made the-- the-- the little things that no one would consider luxuries today feel like luxuries because I had that sense of security.

Unfortunately, America, we see the family continuing to break down. And with that, the economic status of those families. Single-parent households in America now have poverty levels approaching 40%. So-- you not only have the lack of security and stability in so many cases, because moms are doin' heroic work tryin' to hold things together, but it's hard.

And so what we can do as a federal government, we can do more importantly as the leader of this country, to try to promote this institution of marriage. Try to promote the family and try to nurture this environment that we have to-- to make sure that families are elevated and supported and fathers and mothers are there to take care of their families and-- and-- and-- and be there for their children. That's the most important luxury, is a mom and a dad.

DIANE SAWYER: And Congresswoman Bachmann, someone said recently that troubled banks got a bailout, troubled homeowners got evicted. Your response on this question and the struggle for the middle class.

CONGRESSWOMAN MICHELE BACHMANN: Well, I opposed the $700 bailout for Wall Street because Wall Street rolled the dice and they made some very foolish decisions. They were only too happy to pocket profits when times were good, but when times went south and things got sour then they decided to socialize their losses. And the-- American taxpayer was only too good to bail them out.

There's people on this stage that-- supported that bailout; I didn't. Behind closed doors, I took on the Treasury secretary, Hank Paulson; I took on my own president because I knew this was going to be a very bad deal.

You'd asked the question about luxuries and where we come from. I was born here in Iowa to a middle-class family, but my family went through a tragedy that millions of families go through: My folks got divorced. And when it happened, my mom found herself a single mom who'd been a full-time homemaker, she had four kids. We went to below poverty overnight. And when I was 13, I had to start getting a job to help out the family.

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