GOP Candidates on World Economy: Too Big to Fail, or Too Big to Bail?

On a day when Italy teetered on bankruptcy, GOP candidates said the United States must put its own fiscal house in order.

Mitt Romney and Herman Cain said that only a robust U.S. economy can lift the global economy.

Seeing trouble ahead, Jon Huntsman called for "properly sized banks" and Ron Paul reiterated his belief that public debt must be "liquidated" and that troubled institutions must be allowed to fail to "allow the market to determine the real value."

Addressing chronically high U.S. unemployment rates, Newt Gingrich repeated his call to fire Fed Chairman Ben Bernanke "as soon as possible" and Michele Bachmann said America's high corporate tax rates are sending jobs overseas.

Rick Santorum maintained his emphasis on competing for manufacturing jobs.