Romney's $10,000 Bet: Candidate Out of Touch?

Mitt Romney offers large wager with Rick Perry at GOP debate in Iowa.
4:05 | 12/12/11

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Transcript for Romney's $10,000 Bet: Candidate Out of Touch?
In the wake all the drama on that debate stage -- this weekend today the two front runners took the campaign. To a new and seismic level of punch and counterpunch. And leading off our coverage tonight is ABC's Jake Tapper also just back from Iowa tracking this pivotal day in the campaign hello Jack. Good evening Diane -- de Gingrich is surging and Romney needs to stop him so Romney. Is attacking Gingrich and he is not turning the other cheek Newt Gingrich it is often. Even Mitt Romney's wife wasn't crazy about its proposed 101000 dollar bet is accurate there -- -- -- 101000 bucks. Democrats and his Republican opponents are using the wager -- depicts Romney is out of touch with regular folks that would not be a number that I with and today Romney's number one rival suggested Romney's Natalie out of touch with the economic realities of regular Americans. He's out of touch with the governor's. I was startled just because that's I'm I know Rick -- pretty well I can't imagine he could cover -- like that. I mean he's been a public servant -- his career. After all putting 101000 dollars on the table that's more than 10% of the average American's network. -- it's only point 004%. Of Romney's estimated 250 million dollar network. This moment could not have come at a worst time for Romney in the midst of the Newt Gingrich search. Of the first four primary and caucus states Romney now trails Gingrich in three. And Gingrich is gaining in the fourth New Hampshire. The state that is supposed to be Romney's firewall. So today that the damage control it's a very common thing to -- a million -- that and an attempt to change the conversation. Romney today said Gingrich should return the one point six million dollars he was paid by mortgage giant Freddie Mac. One of the things that I think people recognize and Washington. It's -- people go there to serve the people and and they stay there to serve themselves but in Gingrich Romney has an opponent who is Smart. Hungry and willing to counterpunch -- Taking on Romney's career buying and selling company. -- governor Romney would like to give back all the money he's earned from bankrupting companies and laying off employees. Over his years of -- That I would be glad to them listen to them and -- you ten dollars -- 101000 that he won't take the offer. Romney responded to that remarked Diane by saying doesn't Gingrich. Understand the economy it's been going on like this all day back and forth back and forth. And it's not -- -- end until there's a clear winner that may not be until June Diane. So long stretch thank you Jake and George Stephanopolous. Anchor of Good Morning America is here George what do you make of this day you call that are pivotal day that is not an overstatement anyway. Both big campaign to -- strategic decisions these are not off the cuff comments they made strategic decisions to get more ruthless and more personal. And that's exactly what happened today you saw first governor running -- that shot before. Newt Gingrich said he was going to be relentlessly positive but his campaign told me today with a -- -- that if he's -- he's gonna hit back hard and again make no mistake. We -- games we just saw him went after that record of Bain Capital that is the argument that Ted Kennedy. Used against Mitt Romney back in 1994. To devastating effect is exactly the argument the Barack Obama wants to use. In the -- also for -- to do that that's really. Going nuclear and the Romney campaign responded right away they're gonna try to say this is -- side of the flip flop for your scarcely showed that back in 2010. Newt Gingrich said the governor Romney has created more jobs -- the entire Obama cabinet combined so this is another flip. By new gears that's what the Romney campaign is -- say that this is a practice counter puncher and -- -- oh absolutely you saw that on Saturday night at the debate at. After Romney took those first shots he saw. Did you get there said but when you have been a career politician -- -- won back in 1994. And today he used the argument Ted Kennedy.

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

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