Coburn dismisses default 'rumor'

Senator Tom Coburn

Sen. Tom Coburn (R-Okla.) said Monday that the country would not default on its debt if lawmakers failed to strike a deal to raise the debt ceiling.

"I would dispel the rumor that is going around that you hear on every newscast that if we don't raise the debt ceiling, we will default on our debt," Coburn told CBS's "This Morning." "We won't." "We'll continue to pay our interest," Coburn continued. "We'll continue to redeem bonds, and we'll issue new bonds to replace those. So it's not entirely accurate."

The Oklahoma Republican said there was "no such thing as a debt ceiling in this country" because Congress has always raised it.

"That's why we're $17 trillion in debt," he said.

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