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Washington (CNN) - Former New Mexico Gov. Gary Johnson announced Wednesday that he is seeking the Libertarian Party's nomination for president.

Johnson, the party's nominee in 2012, told Fox Business Network's Neil Cavuto that the nation's debt -- which he estimated would reach $20 trillion by the time President Barack Obama leaves office -- is the biggest problem facing the country.

    "Government is too big," he said. "It's unwieldy. It's out of control. We need to get control."

    Johnson's campaign later critiqued government overreach in an email to reporters.

    "America needs a President who will push back against the growth of government -- and mean it," the former New Mexico governor said in the email. "That begins with proposing a federal budget that doesn't spend more than it takes in, and using the veto pen to enforce it if necessary. Government spends too much because it does too much, and a President who is serious about making government do and spend less can make it happen."

    Kentucky Sen. Rand Paul has at times positioned himself as the most libertarian candidate seeking the Republican nomination. But Johnson dismissed Paul's brand of libertarianism last year, citing his positions on abortion, same-sex marriage, immigration and marijuana.

    "He's a Republican," Johnson said in February.

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