Schieffer: Gingrich PAC Romney's biggest worry

Mitt Romney may be riding into South Carolina on back-to-back election victories in Iowa and New Hampshire, but Bob Schieffer said Newt Gingrich's backers aren't going to show the former Massachusetts governor any Southern hospitality in the Palmetto State and stand as his biggest worry.

The former House speaker trailed behind Romney, Texas Rep. Ron Paul and former Utah Gov. Jon Huntsman respectively in Tuesday's contest after finishing fourth in last week's Iowa caucuses. But Schieffer said that a $5 million donation to a pro-Gingrich "super PAC" means anti-Romney advertisements in New England will follow the front-runner south.

"If you thought you saw a lot about Mitt Romney looting businesses back at Bain Capital and all that kind of stuff and about flip-flopping and all of that, you're going to see that multiplied by a factor of 12 down there in South Carolina, which is a place where they sorta like really down 'n dirty politics," said Schieffer. "So get ready to strap yourself in. This is going to be something."

Special Section: Election 2012
Romney takes New Hampshire; Paul comes in second
Romney leads in Florida poll, Gingrich second

Something Schieffer said Romney doesn't have to worry about is competition from Paul, the runner-up in New Hampshire.

Ron Paul shrugs off electability concerns

"The good news for Mitt Romney about Ron Paul is as long as he continues to get a significant portion of the vote in these primaries it keeps anybody else from getting a larger percentage," said Schieffer, "so I think in a funny kind of way Ron Paul is good news for Mitt Romney."

Above, watch Bob Schieffer's take on the state of the race for the nomination.