"Republicans must acknowledge that not every dollar spent on the military is necessary or well-spent," Paul said in his address Wednesday before the Republican National Convention. "Democrats must admit that domestic welfare and entitlements must be reformed."
Both parties "must replace fear with confidence, confidence that no terrorist, and no country, will ever conquer us if we remain steadfast to the principles of our founding documents," Paul said.
America has nothing to fear "except our own unwillingness to defend what is naturally ours -- our God-given rights," Paul said. "We have nothing to fear that should cause us to forget or relinquish our rights as free men and women."
America needs someone like Romney who will "lead us forward and away from looming debt crisis ... [and] who understands and appreciates what makes America great."
Paul, a favorite of the Tea Party movement, chided Democratic President Obama for the Affordable Care Act -- "I still think it's unconstitutional" -- and for insulting Americans by saying "you didn't build that."
Americans are guaranteed "the right to own our success," he said.
Obama says the wealthy must pay their fair share, "but when he seeks to punish the rich, the jobs lost are for the poor and the middle class," Paul said.
"Our nation faces a crisis. America wavers," Paul said. "The republic of Washington and Jefferson is now in danger of becoming the democracy of debt and despair. Our great nation is coming apart at the seams and the president seems to point fingers and blame others."
"President Obama's administration will add nearly $6 trillion to our national debt in just one term," the senator said. "And I'm hoping it's only just one term."
Notable deaths of 2014 [PHOTOS]