The following is a rush transcript of the January 29, 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'm Chris Wallace.

Florida gets ready to vote in the biggest contest so far in the Republican race for president.

He came into the Sunshine State riding high. But can Newt Gingrich keep his momentum going?

We'll ask the candidate about his chances for victory Tuesday and beyond. Newt Gingrich on "Fox News Sunday."

Then, congressional Republicans get ready to battle the president over his agenda for the nation. We'll get an exclusive first look at GOP plans from Paul Ryan, chairman of the House Budget Committee.

Plus, the president takes the State of the Union address out for a test drive, but hits a bump in the road. We'll ask our Sunday panel on whether the president's message will help him win reelection.

And it is winner-take-all in Florida, so stakes couldn't be higher on the trail.

All right now on "Fox News Sunday."

And hello again from Fox News in Washington.

On Tuesday, the Republican presidential candidates face their biggest test yet in Florida's winner-take-all primary. Joining us now from Tampa is one of the two front runners, former House Speaker Newt Gingrich.

And, Mr. Speaker, welcome back to "Fox News Sunday."

NEWT GINGRICH, PRESIDENTIAL CANDIDATE: Good to be back with you.

WALLACE: Mr. Speaker, you came out of South Carolina with a big head of steam, according to the Real Clear Politics average of recent polls. Earlier this week, you were leading Romney by seven points. But now, he's leading you by eight points. Question: what's happened?

GINGRICH: Look, Governor Romney has the ability to raise an amazing amount of money out of Wall Street, from Goldman Sachs, to all the major banks.

And he has a basic policy of carpet-bombing his opponent. He doesn't try to build up Mitt Romney. He just tries to tear down whoever he's running against, and it has an effect. And we are in a very tough campaign down here. Ironically, if you look at the three national polls this week, every place elsewhere that he can't carpet bomb, the ideas I'm representing, the scale of change I represent, the conservative movement I represent, we actually have been pulling away from him in national polls. Down here, one of our challenges, two major conservative candidates, between us, clearly beat Romney who is splitting the conservative vote. And I think that's a challenge.

I have been honored to have Rick Perry, the governor of Texas, to drop out and endorse me. Last night, I was delighted to have Herman Cain endorsed me and Sarah Palin has said very positive things. Yesterday, Rudy Giuliani compared me favorably to Reagan and compared Romney unfavorably. So, we're seeing the conservative movement start to come together.

But I give Governor Romney's campaign respect for the sheer volume of negativity that they use and the sheer amount of money they raise on Wall Street.

WALLACE: Six days before the South Carolina primary, you predicted correctly and I think you can sense the momentum there that you were going to win that race and, in fact, you won by 12 points. All right. It's two days before the Florida primary, what's going to happen in Florida?

GINGRICH: I think it is going to be very close. We had a poll a day before yesterday that we were tied. Santorum and I collectively are bigger than Romney, but Romney beats me as long as we split the conservative vote. And we have a tremendous effort underway to reach out to conservatives to get them to see that the only effective to stop a Massachusetts liberal from becoming our nominee is to vote for Newt Gingrich.

I think it's going to be very, very close. We have a good turn out mechanism here. We're very fortunate to have Jose Mallea who ran Marco Rubio's campaign. He's running our campaign. He knows the state really well.

We're going to have Michael Reagan here on Monday, along with Herman Cain. Fred Thompson has been here helping.

WALLACE: Right.

GINGRICH: Todd Palin has endorsed me.

So, all these things coming together, I think it will be much, much closer at these polls, we have a shot at winning. But, frankly, it's uphill against the sheer weight of Romney's money and the negativity of his campaign.

WALLACE: Well, you talk about the negativity of his campaign. This week, you and Romney have run blistering ads against each other. And let's take a look.

(BEGIN VIDEO CLIPS)

AD NARRATOR: If we can't trust what Mitt Romney says about his own record, how can we trust him on anything?

TOM BROKAW, NBC NEWS: By an overwhelming vote, they found him guilty of ethics violations. They charged him a very large financial penalty and they raised several of them raise questions about his future effectiveness.

(END VIDEO CLIPS)

WALLACE: Now, you say that Romney lies repeatedly and that ad, that we show the first one, you say he can't be trusted -- is Governor Romney fit to be president, sir?

GINGRICH: Well, let me just take those two ads. NBC is asking to take down the ad of Tom Brokaw on it.

The fact is Romney knows that ad is misleading. CNN has done an entire package pointing out on every single count, I was exonerated. I never paid a fine which the term Romney uses over and over again. I did not resign at the time. I served two more years.

We passed the largest capital gains tax cut in history. Unemployment came down to 4.2 percent. We passed the balanced budget act in 1997 and we balanced the budget out as a result of that, for four straight years, the only time in your lifetime.

Romney knows all these things are true. He's running an ad that's factually false.

Now, let's take my ad. Every single thing in my ad is true. And, frankly, the reason that I was relatively flat on Thursday's debate is I don't know how you debate a person in the civil -- being civil, when he stands there and just blatantly doesn't tell the truth.

And I'll give you just one example. Romney said he only voted for Paul Tsongas in the Democratic primary in 1992, the most liberal Democratic running because there was no alternative.

Larry Sabato of Virginia sent out a tweet during the debate and said that was just a falsehood, that, in fact, he could have voted for George H.W. Bush or Pat Buchanan at the same day.

There are time after time after time when you try to engage Governor Romney -- we just learned yesterday, there are 23 foreign accounts that he did not reveal back when he filed his disclosures that have now shown up because he finally revealed his taxes.