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The first 2016 presidential forum of the year took place on Sunday Jan. 25 featuring a conversation between Sens. Ted Cruz, R-Texas; Rand Paul, R-Kentucky, and Marco Rubio, R-Florida, moderated by ABC News Chief White Correspondent Jonathan Karl.

The panel, which took place in Palm Springs, California, was sponsored by the Freedom Partners Chamber of Commerce, a not-for-profit connected to conservative billionaires Charles and David Koch.

The following is a complete transcript of the 75-minute forum:

ABC News' JONATHAN KARL: So good evening, as you heard I'm Jonathan Karl with ABC News. It is great to be here in Palm Springs with three United States senators that are not only actively considering running for president but as far as I can tell actively preparing for possible runs for president. So it is great to be here.

This is the first time this year that we have seen multiple postnatal or even likely candidates for president sharing a stage. And I can assure you it will not be the last time. But this was the first time. My goal is simple. I wanna have a free-flowing discussion. There are no timers, there are no bells.I don't want any talking points No campaign speechs. Just what I hope'll be a lively and very informative conversation.

So with that let's get right to it. I wanna start with the big picture on the economy. We've heard a lot of this from the present. Seven million jobs-- created since he took office. Unemployment rate is down to its lowest level in about eight years. Gas prices down. Even the deficit is down from where it was a few years ago.

So as we remember the last time we had a Republican in the White House spending was rising, deficits were rising and we had the greatest recession since the Great Depression. So, Senator Cruz, why should voters trust the Republicans with the economy again?

SENATOR TED CRUZ: Well, look, for one thing what we're doin' now, it isn't workin'. And--

JONATHAN KARL: Wait, seven million jobs.

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TRANSCRIPT: Freedom Partners Forum