Chafee formally launches presidential bid as Libertarian

Former Rhode Island Gov. Lincoln Chafee formally announced on Wednesday that he's running for president as a Libertarian.

"The issues of our time are clear. We must stop the escalation of endless war, rein in our skyrocketing deficits, and protect our personal liberties in the face of government encroachment," Chafee said. "The challenges we face are formidable, but they can be overcome through hard work and commitment to the truth."

Chafee jumped into the race during an address at the National Press Club in Washington.

"Now through a never-ending series of poor decisions by Republicans and Democrats, we have a trillion-dollar deficit for this year, and counter-productive and senseless wars in the Middle East and Afghanistan," Chafee said.

Chafee joined the Libertarian Party last year, and moved to the state of Wyoming.

Chafee registered his campaign committee with the Federal Election Commission over the weekend. He briefly ran for president as a Democrat in 2015.

He served in the U.S. Senate from 1999 to 2007 as a Republican, and was elected governor as an independent in 2010.

The Libertarian National Convention is May 21-25 in Austin, Texas.