Full Transcript: ABC News Iowa Republican Debate

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And-- by some estimates, if this tax cut expires on December 31st, it could add as much as $1,000 to the tax burden of American working families. And I know you are divided down the middle, if I can turn to you, Congresswoman Bachmann, and we know that you are a tax attorney, and-- you're familiar with these issues. Should this tax cut go?

MICHELE BACHMANN: Well, I-- this tax shouldn't-- cut shouldn't have been put in the first place, the payroll tax extension, because last December, I fought against this. And I encouraged my colleagues not to go down this road. This is President Obama's plan, a temporary gimmick, not permanent solution. That's what the business community is looking for.

That's where real jobs will be created. The reason why this is so detrimental to the economy as well is that this blew a hole, in other words, it took away $111 billion away from the Social Security Trust Fund. This is a very real issue for senior citizens, because we have to pay the Social Security checks that are going out.

I'm completely different from b-- Barack Obama on this issue. I don't agree with Barack Obama. We have candidates on this stage that are standing with Barack Obama on this issue. But this year alone, it-- this will also cost the Social Security Trust Fund another $112 billion. And we don't have enough money this year in the Social Security Trust Fund to put out those checks.

Which means, we have to go to the General Treasury to get the money. And trust me, when you open the door to the General Treasury, the only thing that comes out are moths and feathers. There's nothing in there. So we have to recognize, we can't spend money that we don't have. And that's what Barack Obama's trying to do. Temporary gimmicks, not permanent solutions--

DIANE SAWYER: But (UNINTEL) is a decision that does have to be made in three weeks. And Governor Romney, you have said it's a "temporary Band-Aid," but you have indicated that you are in favor of keeping it. So how do you differ from Congresswoman Bachmann? Is it worth it?

MITT ROMNEY: Well, I don't wanna raise taxes on people-- particularly people in the middle class that are suffering right now under the Obama economy. It's a temporary tax-- cut, and it'll help people in a d-- very difficult time. But-- but let's-- let's recognize, this is just a Band-Aid.

The extraordinary thing is, we have a president who's been in office three years with a fiscal crisis and a jobs crisis. The-- these unemployment numbers we're seeing, they're not just statistics, they're real people. They're young people that can't start their lives, can't go to college, they're people in their 50s that ex-- expected to be in their big earning years, and they're not gonna be able to-- to have the-- the kind of future they hope for.

And-- and this is a president who has not, at this stage, put forward a plan to get this economy going again. All he does is talk about little Band-Aids here and there throwing gasoline on a fire, on a few embers. The right thing to do is to talk about how he's gonna make America competitive again. I spoke with businesspeople all over the country and have been one myself for 25 years.

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