Rand Paul: 'Considering' Running for President

Rand Paul admitted Monday he is thinking about running for president.

"We've been considering it," the Republican senator from Kentucky told Sean Hannity on his Fox News Channel show. "I'm talking with my wife and kids about it. We won't make a decision for probably a year."

Paul said he believes the GOP is ready for his brand of libertarian conservatism. The party needs to grow and be more inclusive, he said.

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"We need more black people, brown people, white people," Paul said. "With tattoos, without tattoos, with ties without tattoos. We need all kinds of a range of people in order to get the Republican Party bigger."

The party needs not just business people, he added, but more working class people, long considered a stronghold of the Democrats.

Libertarian conservative ideas, such as his, appeal to a broader range of people than traditional GOP ideas, he said.

Paul's father, Ron Paul, the former Congressman from Texas has mounted multiple presidential bids as both a Libertarian and a Republican. But those were considered dark horse candidacies aimed at getting out his libertarian message.

But Rand Paul is seen as having a viable chance at the White House. He shares his father's libertarian leanings, but is more conservative, and is a tea party favorite. He has clashed with more mainstream Republicans like New Jersey Gov. Chris Christie, who currently leads polls for the 2016 GOP nomination.