Washington (CNN) - Republican presidential candidate Newt Gingrich would not say on Sunday what he purchased at Tiffany & Co. jewelry store to rack up a $250,000-$500,000 credit because "It's my private life."
The former House Speaker said he works very hard and is allowed to choose how he spends his money.
"All I'm telling you is we are very frugal, we in fact live within our budget, we owe nothing," Gingrich said on CBS' "Face the Nation." "As a private citizen whose done well I think I'm allowed to pick and choose what I prefer doing."
The revolving charge account was discovered this week from financial disclosure forms for 2005 and 2006 while Gingrich's wife, Callista was an employee for the House Agriculture Committee on Capitol Hill. The former Georgia Congressman said it was an interest free account, paid off automatically.
"We paid no interest on it; there was no problem with it. It's a normal way of doing business," Gingrich said. "Everything else is totally paid for, my home is paid for, my cars are paid for, we don't have a second house, we don't do elaborate things."
He used his personal financial situation to tout his record and readiness to be president.
"I think I have proven I can manage money, as a small businessman, I run four small businesses, they have been profitable, they've employed people you know, this is the opposite of the Obama model," Gingrich said. "I'm the guy running for president who pays all of his bills … I am debt free. If the U.S. government were as debt free as I am everybody in America would be celebrating."
He also continued his criticism of Obama's policy toward Israel and his speech Thursday in which he called for Israeli-Palestinian negotiations to start from pre-1967 borders and include land swaps.
"I think it's a disaster, I think it's extraordinarily dangerous. I think that if, defining the 1967 border would be an act of suicide for Israel. They are totally non-defensible," Gingrich said. "The president talks about peace when he ought to be insisting that we cut off all aid to Hamas and isolate Hamas as long as it is a terrorist organization trying to destroy an entire people. I really think we've got to get over this moral equivalence thing. There is no moral equivalence between a Democratic society and a terrorist group."
– CNN’s Robert Yoon and Kevin Bohn contributed to this report