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Former New Mexico governor Gary Johnson announced on Fox Business Network moments ago that he will run for president as a libertarian. 

Johnson ran in 2012 as a Republican before switching to the Libertarian Party, garnering 1.27 million (or 1%) of the votes.

He said he hopes to be nominated again by the Libertarian Party in 2016, saying the biggest issue facing the country is the $20 trillion in debt. 

"We need to get control [of it]," he told Neil Cavuto, adding that "crony capitalism is alive and well" among both parties in Washington D.C.

Johnson said voters could embrace a Libertarian candidate who runs on a platform of fiscal conservatism and social liberalism.

He explained that delegates will convene around Memorial Day in Florida to vote on who the nominee will be for the party. 

Johnson said the Libertarian nominee could do much better this time around if he or she is allowed on the presidential debate stage with the Republican and Democratic candidates. 

He said the party has sued the Presidential Debate Commission, arguing that if the Libertarian candidate is on the ballot in all 50 states, then the candidate should be allowed to participate.