Jan. 24 Republican debate transcript

Williams: The time for the rebuttal is up.

Congressman Paul, a question for one of your colleagues on stage.

Paul: My question is for Senator McCain.

This is an economic question that I want to ask. It has to do with the President's Working Group on Financial Markets.

I'd like to know what your opinion is of this and whether you would keep it in place, what their role would be if you -- or you would get rid of this group? And if you kept the group, would you make sure we would see some sunlight and know what they're doing and how they're being involved in our markets?

McCain: Well, obviously, we like to see more sunshine. But I, as president, as every other president, rely primarily on my secretary of the Treasury, on my Council of Economic Advisors, on the head of that. I would rely on the circle that I have developed over many years of people like Jack Kemp, Phil Gramm, Warren Rudman, Pete Peterson and The Concord Group.

I have a process of leadership, Ron, that is sort of an inclusive one, that I have developed a circle of acquaintances and people that are supporters and friends of mine whom I worked with for many, many years.

Paul: So you would get rid of this group?

McCain: You remember back in 1982, when Phil Gramm -- Phil Gramm and Warren Rudman -- Gramm-Latta -- and all those people got the first real tax cuts done -- the real -- first real restraints in taxes. I was there. You were there. And I rely on those people to a much larger degree than any formal organization, although the secretary of Treasury is one of the key and important posts that I would have.

Williams: Senator, thank you.

Governor Huckabee?

Huckabee: Mitt, I would like to ask you a question that came up during your interview with Tim Russert on "Meet the Press." And it has to do with the Second Amendment. You indicated that you support the Second Amendment, but on that interview, you indicated that you also supported a ban on so-called -- and I use the term "so-called" -- assault weapons and supported Brady.

For many of us who are strong adherents to the Second Amendment, that's not quite consistent, to say you're for Brady and so-called assault gun ban, but support of the Second Amendment, because we see that that's really a denial of the Second Amendment.

I would appreciate some clarification on, do you support Brady? Do you support the assault weapon ban? And your position on exactly what restrictions government should put on Second Amendment rights.

Romney: I do support the Second Amendment. And I believe that this is an individual right of citizens and not a right of government. And I hope the Supreme Court reaches that same conclusion.

I also, like the president, would have signed the assault weapon ban that came to his desk. I said I would have supported that and signed a similar bill in our state.

It was a bill worked out, by the way, between pro-gun lobby and anti-gun lobby individuals. Both sides of the issue came together and found a way to provide relaxation in licensing requirements and allow more people to have guns for their own legal purposes. And so we signed that in Massachusetts and I said I would support that at the federal level, just as the president said he would.

It did not pass at the federal level. I do not believe we need new legislation.

I do not support any new legislation of an assault weapon ban nature, including that against semiautomatic weapons. I instead believe that we have laws in place that if they're implemented and enforced, will provide the protection and the safety of the American people. But I do not support any new legislation, and I do support the right of individuals to bear arms, whether for hunting purposes or for protection purposes or any other reason. That's the right that people have.

Williams: Mayor Giuliani, a question for one of the candidates?

Giuliani: I have a question for Governor Romney.

Governor, people in Florida, as you know, traveling back and forth across the state as I have, are having real difficulties getting property insurance. Some of them can't afford it, some it's not assessable at all. They're living in these homes already and they may lose their homes. And add it to the other burdens now in our economy, this is a really very difficult burden.

Senator McCain has said that he does not support a national catastrophic fund as a backstop. I do. I believe it's necessary. I believe it can be done in a way that is responsible and in a way that ultimately would actually cost the government less money.

Senator McCain believes that FEMA should handle this.