Authors: Jeanette Torres
(WATERLOO, Iowa) -- For the first time since Congressman Ron Paul announced in May that he will be running for president, he was joined by his son, Kentucky Sen. Rand Paul. The two made four stops across Iowa on Wednesday -- speaking on how a Ron Paul presidency would be beneficial to America.
The two started their day in Mason City, Iowa, but ABC News caught up with the father-son duo in Waterloo, Iowa. Ron and Rand Paul spoke to a crowd of about 50 people during a lunchtime meet and greet.
Ron Paul had an optimistic assessment when he spoke on the current economic condition in America, saying that the country's financial situation is temporary. He then presented proposals for what he would do as president to correct the ship, one of which includes eliminating the capital gains tax.
ABC News asked Congressman Paul about President Obama's view that spending cuts alone can't fix American's long term deficit situation, and that we need to also look at increasing revenue.
"We need to know what the role of government ought to be -- Obama probably endorses entitlements as rights," said Ron Paul. "We can get there -- we can cut entitlements."
Sen. Rand Paul took the microphone and said "Democrats have to admit that entitlements and welfare need to be reformed. Social spending needs to go down and Republicans need to admit that military spending needs to go down. They say the Tea Party won't compromise -- we will compromise."
When pressed by ABC News if there would be long term deficit deal by this Congress, Ron Paul says there will be something but it will have no meaning.
"It will not reassure the markets -- it will not cause us to have a strong dollar and it will not revive the economy," he said.
The Congressman was pressed again by ABC News at the day's third campaign stop in Cedar Rapids on what he would specifically do on day one of his presidency to create jobs. He pointed out the need to control the regulatory system and the tax code -- but offered no specifics.
Rand Paul then took the microphone and offered a clearer articulation of his father's vision, specifically pointing out the need to lower corporate tax rates in America.
Copyright 2011 ABC News Radio