Oct. 9 Republican debate transcript

Matthews: Senator McCain.

McCain: The American people no longer have trust or confidence in our government -- our failure -- Katrina, our failures in Iraq, our failures to get spending under control -- and we've got to restore that trust and confidence. If we're going to have real immigration reform, we're going to have to have trust that we will secure the borders.

The American people want us to stop the outrageous wasteful spending which has caused our Republican base to become disenchanted and disillusioned. We're going to have to do some -- make some tough decisions and make some hard choices. The American people are ready to accept them, but they want for us to be straight with them, and they want straight talk, that they will know the challenges and they will rise to meet them.

Matthews: How do the Republicans win back confidence on the economy, Governor Romney?

Romney: First by being confident, not going out with a message of doom and gloom of all the problems we have, but instead pointing out that the future's going to be even brighter than our past, and I'm entirely convinced of that.

This nation has everything it needs to succeed around the world and at home. We have the heart of the American people, which is sound and alive and well. We have technology, innovation, capital. We need to have leadership that'll tell us the truth and actually lead. And vis-a-vis meeting with most likely Hillary Clinton, I can't wait to talk about the fact that I spent my life in the economy. I understand how jobs come and why they go. I know how to get a health care plan not just talked about but actually implemented. I know how to make sure that we keep our taxes down and our spending down. I know how to help American companies do business around the world and stop those foreign companies from coming in here unfairly. That's what I've done throughout my career. I can't wait to debate with her, because I've done it; she's just talked about it.

Matthews: Senator Thompson.

Thompson: I think we need to tell the American people the truth.

Congress's approval rating now is about 11 percent. I don't people -- I don't think anybody believes anything coming out of Washington anymore.

I think we need to tell them the truth, that our security is on the line, that our economy is on the line, that our prosperity is on the line. We're going to have to do some things differently. We're probably going to have to spend more than four percent of our budget, as we're spending right now, on our military. We are bankrupting the next generation and those yet to be born.

Those are truthful things that the American people, I think, have an intuition about. We need to own up to it. It's not all gloom and doom. We want to live in a world and a country that's free -- free markets.

People accept responsibility. People who play by the rules and work hard can expect to live the American dream. If they need help in this country, they get help. And those who can help themselves are expected to do so.

Matthews: Mayor.

Giuliani: How about the vision of a robust, strong America, an America that looks at energy independence from the point of view of not only are we going to develop it for ourselves, but this is exactly what we could be selling to China and to India? They need energy independence more than we do. How about an America that fixes its health care system in the right way, so we can actually sell that abroad?

The possibilities for America in this global economy are endless if we don't put a lid on ourselves. Hillary Clinton, the governor mentioned, wants to put a lid on us. She wants to put a lid on our growth.

We want to give people freedom. I'll give you an example. Hillary the other day -- remember the Hillary bond program? She's going to give out -- she's going to give $5,000 to every child born in America -- with her picture it? (Laughter.) I think, right?

Matthews: (Inaudible.)

Giuliani: Okay. Okay. Okay. I challenged her on it. I challenged her and she backed off that. She has a new one today. This one is she's going to give out $1,000 to everybody to set up a 401(k). The problem is, this one costs $5 billion more than the last one.

So, I don't know, Hillary is filled with endless ways to spend --

Matthews: Okay. Congressman Hunter?

Giuliani: -- and we're going to have to control that.

Hunter: Yeah. Chris, you know, we've got -- American families have watched $75,000-a-year jobs being pushed offshore, $60,000-a-year jobs being pushed offshore. They understand that something's wrong. And we've talked a little bit about the -- about the deficit, about $160 billion this year. The trade deficit is $800 billion this year.

And the one thing that we can do to restore confidence in the Republican Party is to be good businessmen and good leaders. Let's get rid of the bad trade deals, and let's bring them back to the table, our trading competitors, and make deals that give our guys sitting there at the kitchen table --

Matthews: Okay.

Hunter: -- with their families a fair shot at a good job, and give those small businesses that have been outdone by China's --

Matthews: Okay.

Hunter: -- cheating on trade a good chance at winning for a change.

Matthews: Senator?

Hunter: That's what we can do.