Sen. Paul says Republicans should agree to cut military spending to reach a deal before the Dec. 31 fiscal cliff deadline.
"I think the compromise is conservatives like myself who think national defense is very important should compromise on military spending and the liberals should compromise on entitlements and on social welfare spending. I think that compromise could get to some spending cuts," says Paul.
Paul tells Wolf Blitzer federal spending has increased at an "alarming rate" over the past four years. He believes raising taxes for anyone is not the answer, and it would be more beneficial to "leave it in the private sector."
"I'm not going to vote to bring more money to Washington," says Paul. "We're not going to have more economic growth if we send more money to Washington. We'll have less economic growth."