During the last major GOP presidential candidates' debate before Iowans go to party caucuses next month, the candidates pitched their cases during at Johnston, Iowa. The Iowa caucuses are Jan. 3.

"The problem is not the American people," former New York Mayor Rudy Giuliani said. "I think the most important thing is the federal government has to restrain its spending."

Giuliani said he wanted to reduce the tax burden and create an exemption for healthcare "so people can buy their own health care."

Rep. Ron Paul, R-Texas, said he would look to America's foreign policy to help reduce the debt.

"We have 700 bases overseas. We are in 130 countries," he said. "We cut there, and then we have a better defense of this country, and the people get that money and they get to spend it here at home."

Former Arkansas Gov. Mike Huckabee said a way to reduce the national debt would be moving healthcare to a prevention-based model.

The Democratic hopefuls will debate Thursday at the same site.