Paul is making his second run for president, having run (against Bush Sr.) as the Libertarian Party nominee in 1988. He became involved in politics because of his distress over Nixon's decision to abandon the gold standard, and served four terms in the House in late 1970s and early 80s before losing a Senate primary to Phil Gramm in 1984. He took third in the 1988 presidential race, receiving 432,000. He then rejoined the Republican Party and was elected to the House in 1996, winning the Republican nomination by defeating Greg Laughlin, a party-switching Democrat who Paul successfully portrayed as a liberal. His second House career has been notable because of his tendency to vote against initiatives of both parties because he believes that the federal government is limited. Paul wants to end all government funding of education, cut $150 billion from the defense budget and return to the gold standard. Paul will not accept payment by Medicare or Medicaid and he wouldn't let his children accept federal student loans.