The announcement is expected to be made during a special event in a hotel in Kentucky’s Louisville.
This would become the second major 2016 US Presidential Election by a Republican after Sen. Ted Cruz of Texas announced his candidacy last month.
Paul’s proposal for the 2012 state budget, called for reduced military spending. However, as the presidential election drew closer, in March 2015 the senator suggested a 16-percent increase in the Pentagon's US government military budget.
Rand Paul, 52, is a son of Ron Paul, former Republican congressman. Rand Paul was born in Pittsburgh, Pennsylvania, and grew up in Texas. He graduated as an ophthalmologist and established his own clinic in Kentucky, where he has resided for over 20 years.
According to The New York Times, 10 other Republican Party members are likely to announce presidential bids, including New Jersey Governor Chris Christie and former Florida Governor Jeb Bush. The newspaper lists only three possible candidates from the Democratic Party, including former US Secretary of State Hillary Clinton, former Maryland Governor Martin O’Malley and former Sen. Jim Webb.
The United States presidential election will be held on November 8, 2016. Voters will choose members of the US Electoral College, who will then vote on who should become the next president and the vice president of the United States.
