Gingrich Presidential Bid in Freefall

The once GOP top contender has seen poll numbers dive as Iowa caucus looms.
3:05 | 12/28/11

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Transcript for Gingrich Presidential Bid in Freefall
We have big news tonight on the political front your voice your voting begins in just six days. And Newt Gingrich is in -- free fall in Iowa new poll showing his dropped from first to fourth place in less than a month. ABC's Jon Karl is here to tell us what happened to the Gingrich surged on -- it has been a spectacular. Collapse by my count. Gingrich has lost nearly twenty points in twenty days in a campaign of ups and downs Gingrich looks like. He is in danger of being the shortest lived front runner of all. Newt Gingrich visited a little chocolate factory in Iowa today to poke fun at Mitt Romney. Who compared his campaign to Lucille ball's field effort on -- chocolate assembly line -- -- you guys now report to governor we. We've taken this processors. In the tradition of Lucille -- we're here in the chocolate factory and Gingrich and less than a month ago. Confidently predicted victory I would be -- -- Now trails not just -- Romney in Iowa but also Ron Paul and even Rick Santorum with Perry and Bachmann not far behind. Gingrich now looks like he's in a four way race for third place Gingrich is trying to get things back on track with the biggest advertising blitz of this campaign. Two new grads in two days all positive we can create millions of jobs right now. Campaign has been down before his decision to take -- ten date -- crews in the spring led to the mass resignation of his campaign staff. To date Gingrich said that luxury cruise ship helped him understand the financial crisis ironically. Being in Greece during the Greek crisis was very helpful and gave me a much deeper perspective of how hard is it. Gingrich has been hit with a 12 punch of self inflicted mistakes and blistering attacks by his opponents. A new ad released today by Ron Paul hitting -- Gingrich and Romney -- -- -- -- -- Gingrich's fall has been Rick santorum's gain. Former Pennsylvania senator has been tirelessly campaigning in Iowa for almost a year he's in third place now it's also the fastest rising candidate in the state. It's been -- topsy turvy campaign at various times Michelle Bachmann has been the front runner Rick Perry Herman Cain Newt Gingrich. Right now the man who may be peaking at just the right time it's -- Romney. It's nice that and you talked to the Gingrich team today where they say about what happened. Well look they say first of all did -- some surprise given all those negative ads in Iowa against Gingrich that he would be down. They're now saying Diane that he doesn't need to win in Iowa he does need to do need to come in second or third. He strong nationally he is going on but I've got to tell you this. They are out of money the Gingrich campaign says. They -- in December in the red in debt and it doesn't get easier after Iowa in New Hampshire. Mitt Romney today a new poll a nearly thirty point lead. That's a big when and if they want to go negative then of the Gingrich campaign and they sign -- -- well he certainly hasn't been afraid to hit back when he's been hit. But so far his -- television ads have been all positive but no money tonight. For New Hampshire thank you Jonathan --

This transcript has been automatically generated and may not be 100% accurate.

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