Former Rep. Bob Barr, R-Ga., Monday declared his intention to run for president as a Libertarian. He's shown here testifying before a Senate Judiciary Committee hearing April 11, 2007. (UPI Photo/Kevin Dietsch)

At a National Press Club news conference in Washington, Barr said the Democratic and Republican candidates for president have failed to conduct a full and fair debate on the issues.

"My name is Bob Barr and I'm a candidate for the presidency of the United States of America," Barr declared.

During a question-and-answer session, Barr chastised the Bush administration for its role in Iraq and said U.S. troops "need to be brought home." The money being spent on the war, he said, should be returned to taxpayers.

Barr said as commander-in-chief, he would seek an immediate review of all foreign bases and close those that do not serve the direct interests of the United States.

Earlier, in an interview with Fox News, Barr said he believes he has a realistic chance of getting elected, even though the Libertarian Party's best showing was 1.32 percent in 1980.

"The American people are truly becoming, if not already, fed up with the two-party, status quo system," Barr said.

"I think people are serious when they say, we want a change; we want somebody in Washington who will cut back on the scope, the power and the oppressive size of the federal government and return power, money, and influence to the people, where it ought to reside in the first place."