Ron Paul: 'We will default'

Presidential candidate Ron Paul says he expects the U.S. will default on its debt.

According to video of Paul speaking on the House floor yesterday that's posted at RealClearPolitics, the Republican from Texas said: "When a country is indebted to the degree that we're indebted, the country always defaults. We will default because the debt is unsustainable."

He continued: "If we don't understand this, this default will not be because we don't send out the checks. We will send out the checks. It will be defaulted on because people will get their money back, or they will get their Social Security checks and it won't buy anything."

The video can be seen here.