Hello @rhap4boyz ,
>> B* 0.0.0.0/0 [200/0] via 67.29.128.153, 1w5d
it looks like that you have iBGP session between router1 and ISP1 Router1 and this would be not correct. Using iBGP makes the BGP next hop to be propagated unchanged and this is why you need the static route
ip route 67.29.128.153 255.255.255.255 50.50.50.2
otherwise the BGP prefix with next-hop = 67.29.128.153 cannot be installed in your Router 1 ( BGP next-hop unknown no route for it in the IP routing table)
Or the commands are taken from ISP1 Router1 ?
In this second case all you need is an eBGP session between Router1 and ISP1 Router1 this will provide for BGP next-hop rewrite to 50.50.50.2 so that Router1 can accept the default route .
To be noted in iBGP the BGP next-hop is left unchanged and the AS path attribute is also unchanged.
In eBGP the BGP next-hop is rewritten to the address used for the eBGP session and ISP1 AS number is added on the left of the AS path attribute.
Hope to help
Giuseppe