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Guest: Senator Rand Paul

By Face the Nation, Face the Nation - January 1, 2012

Below is a rush transcript of "Face the Nation" on January 1, 2012, hosted by CBS News chief Washington correspondent and "Face the Nation" anchor Bob Schieffer. The guests are: Sen. Rand Paul, R-Ky., (Ron Paul Supporter); Former Rep. J.C. Watts, R-Okla., (Newt Gingrich supporter); Former Sen. Jim Talent, R-Mo. (Mitt Romney supporter); David Yepsen, Paul Simon Public Policy Institute; Mike Allen, Politico chief White House correspondent; Norah O'Donnell, CBS News chief White House correspondent; and John Dickerson, CBS News political director.

BOB SCHIEFFER: Today on FACE THE NATION, we knew you real political junkies would be up to join us this morning. And we're watching what you're watching.

GOVERNOR CHRIS CHRISTIE (R-New Jersey): Listen, America-- America is watching Iowa.

BOB SCHIEFFER: And Iowans are watching ads, negative ads.

NEWT GINGRICH (Republican Presidential Candidate; Political Ad): I made a mistake.

I've made mistakes at times.

MAN (political ad): Serial hypocrites and flip floppers.

WOMAN (political ad): Newt Gingrich's baggage. Newt has more baggage than the airlines.

BOB SCHIEFFER: Nearly half of all the negative ads have been dumped on Newt Gingrich. Remember when he was leading the polls? Not anymore.

NEWT GINGRICH: We're learning a lot about what our opponents will do. They are-- they are nastier and more dishonest than I expected.

BOB SCHIEFFER: The new front-runner is the old front-runner in the national polls: Mitt Romney. And he's sounding more and more like a nominee.

MITT ROMNEY (Republican Presidential Candidate): We will win Iowa and take back the White House with the support of this great state.

BOB SCHIEFFER: In the new Des Moines Register poll Ron Paul is within the margin of error for first and Rick Santorum is also moving up.

RICK SANTORUM (Republican Presidential Candidate): Seven days ago I was being asked the question, are you-- are you thinking about quitting?

BOB SCHIEFFER: But can any of them beat Barack Obama? We'll hear from Ron Paul's son, Senator Rand Paul; Gingrich supporter and former congressman JC Watts; and Romney surrogate and former Missouri Senator Jim Talent. Then we'll get analysis from the legendary Iowa political reporter David Yepsen, Politico's Mike Allen; and our own Norah O'Donnell and John Dickerson.

Plus, all the candidates' New Year's resolutions.

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