Ron and Rand Paul on the campaign trail – Waterloo, Iowa

By Eliza

Aug 10, 2011 3:43pm

ABC News' Jason Volack (@jason_volack) reports:

Congressman Ron Paul and son – Kentucky Senator Rand Paul spoke to a crowd of about 50 people during a lunch time meet and greet in Waterloo, Iowa. It's the first time the two have been on the campaign trail together since Ron announced he was running for president.

Ron spoke on the current economic condition in America – giving an optimistic assessment - saying that America’s financial situation is temporary and then presented what he would do as president to correct the ship. One of those proposals includes eliminating the capital gains tax.

ABC News asked Congressman Ron Paul about President Obama’s view that spending cuts alone can’t fix American’s long term deficit situation. Obama says 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.”

Senator 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, said Ron Paul.

Ron also answered questions about his chances in the Ames straw poll on Saturday saying if he came in 4th  or 5th – he would not be happy. Ron came in 5th four years ago.

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