Earlier today the Senate passed a resolution, 98-1, in the form of an amendment recommending it receive a five percent cut in its own budget.

"We are awash in debt," Paul said. "It is America's number one problem."

The senator from Kentucky plans to introduce an amendment later today that would cut $200 billion in the federal spending.

Last month Rand introduced an amendment that would have cut $500 billion from federal spending for the year. That amendment failed. 

The Senate is set to vote on a bill from the House later this week that would keep the government running for another three weeks while cutting $6 billion in federal spending.