"Both sides [have] shown themselves to be untrustworthy. What we need to do is balance the budget and I don't think they'll step up and do it unless we force them to do it by law," Paul said during an interview on CNN's American Morning.
The Tea Party-backed candidate has pledged throughout his campaign to fight for smaller government, but told CNN's John Roberts that he is willing to work with Democrats on what programs should be downsized in order to achieve a balanced budget.
"The compromise between Republicans and Democrats, conservatives and liberals, has to be that conservatives have always said we'll cut domestic spending and won't touch military spending. Some liberals that believe the deficit is a problem says we'll cut military spending but not domestic spending," Paul said.
"I do believe national defense is the most important thing the federal government does, but I do think there's waste in the military budget and I'll be one of those to reach across the aisle to the Democrats and say, we will tackle waste throughout the length and breadth of the budget, but I think that's the only compromise that would find enough money to balance the budget."
The latest CNN/Time/Opinion Research Corporation poll of likely voters showed Paul with a seven-point advantage over his opponent, Democrat Jack Conway. Among registered voters, the contest is tighter– Paul holds only a two-point advantage.The survey's sampling error is plus or minus 3.5 percentage points for likely voters and 2.5 percentage points for registered voters.