The following is a rush transcript of the January 8, 2012 edition of "Fox News Sunday With Chris Wallace." This copy may not be in its final form and may be updated.

CHRIS WALLACE, HOST: I am Chris Wallace reporting from New Hampshire, where act two of the GOP presidential race plays out in the first of the nation primary.

While Republicans are battling over who will be the nominee, Democrats are itching for a fight. We'll get a preview of the general election campaign from the two national party chairs, Republican Reince Priebus and Democrat Debbie Wasserman Schultz.

Then, he has the money and energetic supporters. But can Ron Paul knock off front runner Mitt Romney?

We'll ask the congressman about his strategy for winning the nomination.

Plus, Santorum's near win in Iowa puts the spotlight on his surging campaign. We'll ask our Sunday panel if the new "not Mitt Romney" can withstand the oncoming onslaught.

And after a all-nighter in Iowa, a mad dash to New Hampshire. We'll get the sights and sounds when we go on the campaign trail.

All right now on "Fox News Sunday."

And hello again from Fox News, today in New Hampshire. We are just outside downtown Manchester on the campus of the St. Anselm College. In just two days, voters head to the polls for the first in the nation's primary and even though former Senator Rick Santorum got a boost from his strong finish in Iowa, his support here has cooled, while Mitt Romney still looks like the overwhelming favorite.

Here's where the race stands in the latest Suffolk University tracking poll. Romney leads with 39 percent, but is down slightly since Iowa. Ron Paul is second with 17 percent. Newt Gingrich is third in 10 percent. While Santorum and Jon Huntsman are tied at nine, and Rick Perry is last.

For more on the state of the race and a big debate Saturday night, let's bring in Fox News chief political correspondent Carl Cameron -- Carl.

CARL CAMERON, FOX NEWS: Hi, Chris.

It was the 15th debate and it was a brawl. Everybody threw punches, but few of them at Mitt Romney.

(BEGIN VIDEOTAPE)

MITT ROMNEY, PRESIDENTIAL CANDIDATE: I'm not surprised to have the New York Times try and put free enterprise on trial. I'm not surprised to have the Obama administration do that either. It's a little surprising from my colleagues on this stage.

CAMERON (voice-over): Battling for second on the polls, Ron Paul and Rick Santorum savage each other.

REP. RON PAUL, PRESIDENTIAL CANDIDATE: You're a big spender. That's all there is to it.

RICK SANTORUM, PRESIDENTIAL CANDIDATE: It's a ridiculous charge. And you should know better.

PAUL: Really what the whole -- there it goes again.

SANTORUM: They caught you not telling the truth.

PAUL: But really --

CAMERON: Paul accused Newt Gingrich of avoiding the draft and promoting war.

NEWT GINGRICH, PRESIDENTIAL CANDIDATE: I personally resent the comments and aspersions you routinely make without accurate information and then just slurs people.

PAUL: I'm trying to stop the wars but at least, you know, I went when they called me up.

CAMERON: Jobs and the economy were overshadowed by social issues.

GINGRICH: The sacrament of marriage is based on a man and woman.

SANTORUM: I'm for overturning Roe versus Wade.

ROMNEY: I would totally and completely oppose any effort to ban contraception.

GOV. RICK PERRY, PRESIDENTIAL CANDIDATE: This administration's war on religion is what bothers me greatly.

CAMERON: Romney pounced when Jon Huntsman, the former Obama administration ambassador to China, accused him of trying to pick a trade war with China.

ROMNEY: I'm sorry. Governor, you were in the last two years implementing the policies of this administration in China. The rest of us on the stage were doing our best to get Republicans elected across the country and stop the policies of this president.

JON HUNTSMAN, PRESIDENTIAL CANDIDATE: I think it's important to note, as they would say in China, Mitt, (SPEAKING CHINESE). He doesn't quite understand the situation.

(END VIDEOTAPE)

CAMERON: First time Mandarin has probably been spoken on a New Hampshire primary debate stage. Romney won in Iowa. He leads the polls in New Hampshire, as well as the next two states, South Carolina and Florida. It now looks like the debate and race is about who will rise up and be his closest rival -- Chris.

WALLACE: Carl, thanks for that.

With the battle for the Republican nomination starting to take shape, we want to take a look at what lies ahead in the general election.

Joining us to preview that race are the heads of the two parties. From Racine, Wisconsin, Republican National Party Chair Reince Priebus. And here in New Hampshire, Democratic Party chair and Congresswoman Debbie Wasserman Schultz.

And welcome to both of you.

REP. DEBBIE WASSERMAN-SCHULTZ, DNC CHAIR: Thank you.