Former Speaker of the House Newt Gingrich (Gage Skidmore, Creative Commons)

Several GOP hopefuls, including Texas Rep. Ron Paul and Minnesota Rep. Michele Bachmann, criticized Gingrich, the new frontrunner of the race. Bachmann went as far to suggest Gingrich is guilty of "influence peddling" while he worked as a consultant for the two lenders.

"I have never once changed my positions because of any kind of payment," Gingrich said. "I was a national figure who was doing just fine doing a whole variety of things, including writing bestselling books."

Gingrich, who compared himself to Ronald Reagan, said he believes he "can beat Obama" during the Iowa debate.

"Barack Obama will not have a leg to stand on," boasted Gingrich.

Toward the end of the debate, Gingrich and Bachmann got into a heated exchange. The former speaker of the house said Bachmann didn’t have her "facts right" about his pro-life record. Gingrich took exception that his conservative stance on abortion would be questioned. Bachmann retorted that she is a "serious candidate" who is aware of the facts and that Gingrich had a chance to defund Planned Parenthood over performing abortions.

Iowans for Life has accused Gingrich of campaigning for "pro-partial birth abortion candidates" and chastised the former speaker for failing to keep taxpayers from Planned Parenthood.

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