Ron Paul explains his 'Plan to Restore America'

Presidential hopeful Ron Paul unveiled his economic plan yesterday, saying that he would balance the federal budget in his first year in office if elected.

Paul said that he'd accomplish this task by cutting one trillion dollars in government spending while eliminating five cabinet-level departments of government, including HUD and the the Departments of Energy, Commerce, Interior and Education. Under his "Plan to Restore America," Paul also would move to eliminate all foreign aid and war spending.

Paul currently stands in fourth place behind Romney, Cain and Perry for the candidate most likely to win the GOP nomination. He joins Carol Costello on American Morning today to discuss his new economic plan and to weigh in on what his chances are in this race ahead of tonight's CNN Western Republican Presidential Debate.