Sen. Rand Paul Mulling Presidential Bid in 2012

Correction appended

Sen. Rand Paul of Kentucky said on Thursday that he is considering a run to be the Republican party's presidential candidate in 2012, but it depends on whether his father Rep. Ron Paul of Texas runs.

Really the biggest decision for me is whether my father runs or not, Paul told the Courier Journal on Thursday in an interview after a speech at the Rotary Club of Louisville.

However he said one or the other is likely to run.

I think there will be one on the ballot, he said. I think there is a good chance of that.

Paul has been a strong proponent for cutting the size of the federal budget by much larger levels than the current Republican party leaders in the House and Senate.

While Republicans have called for $61 billion in cuts for the remainder of the 2012 federal fiscal year, Paul has called for $500 billion in cuts.

He has also received the backing of Tea Party activists, who disapprove of rising federal budget deficits and aim to cut down the size of the federal budget.

The senior Paul ran for president in 1988 and 2008.

Correction: In an article on March 24, 2011, an article on federal budget negotiations erroneously said proposed budget cuts were in the millions. The proposed cuts were in the billions not millions.