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(RNN) - Republican presidential candidate Rep. Ron Paul says he will put an end to actively campaigning for the GOP nomination.
A statement posted on his official campaign website says the candidate can longer afford to spend money actively campaigning in states that have not yet held primaries.
"Doing so with any hope of success would take many tens of millions of dollars we simply do not have," the statement says.
A Huffington Post story says the PAC that supports Paul has less money than even the PAC supporting Comedy Central host Steven Colbert's fake run for president. At the end of April, Americans for a Better Tomorrow, Tomorrow (Colbert's PAC) had just under $800,000, while Paul had just under $54,000.
A May 10 appeal for campaign funds on a Ron Paul fan site, which was written in Ron Paul's name, asked supporters to raise $650,000 in the next two weeks.
"Our message of reigning in the Fed, ending the wars, promoting sound money, and taking back our government from the special interests, is winning the day," the post says. "So now is the time to re-double our efforts."
Paul's "limited government" platform includes ending the Federal Reserve and limiting U.S. involvement in foreign affairs, as well as lowering taxes and protecting American borders.
Paul is currently represents the 14th congressional district in Texas, which includes Galveston.
Paul first served in congress from 1976 to 1977 after winning a special election; then again from 1979 to 1985 and has held his current seat in congress since 1997.
He has run for president three times, once as a Libertarian and the other two times as a Republican. However, he did not file to run for Congress again, choosing to focus on his presidential bid.
Paul grew up in Pittsburgh, and graduated from Gettysburg College and the Duke University School of Medicine. During the 1960s, Paul served as a flight surgeon in the U.S. Air Force.
Paul moved to Texas in 1968 to practice medicine in obstetrics and gynecology.
Paul has five children and 18 grandchildren. His son, Howard "Rand" Paul, is the junior senator from Kentucky.
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