Rep. Ron Paul Campaigns in Iowa With Son Sen. Rand Paul in Tow

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For the first time since Congressman Ron Paul announced in May that he will be running for president, he was joined on the campaign trail 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.

They 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 of the current economic condition in America, saying that the financial turmoil 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 about a 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.

At the day's third campaign stop in Cedar Rapids, ABC News asked 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.

At the final campaign stop in Des Moines, ABC News caught up with Rep. Paul and asked him about the one clear difference between him and Rep. Michele Bachmann, who has been getting a lot of media attention and, in some polls, is leading Paul.

"I approach this differently than all the other candidates -- Republicans or Democrats," said Paul. "I defend individual liberty in a different way. I am the one that says, 'War -- there is too much of it.' They are undeclared. It's time to end war."

"I am the one that says, 'I'm sick and tired of this Patriot Act -- this pretence to destroy our individual liberties and molest us at the airport.' None of the other candidates are saying that. How many of the other candidates are going to talk about the financial situation and tie it into the reality of the Federal Reserve? Those views are different from other views, and it's my strong defense of liberty that separates me from other candidates."