Sen. Coburn Says US Won't Default if Debt Ceiling is Not Raised

Says it is a "rumor"

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. [WATCH VIDEO]

"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."