Republican presidential hopeful Ron Paul has announced he is cutting spending and preparing to wind down his campaign.

The GOP candidate said in a statement Monday that he would continue his drive to gather delegates to take a “strong message” to the Republican national convention.

However, “we will no longer spend resources campaigning in primaries in states that have not yet voted,” he said. “Doing so with any hope of success would take many tens of millions of dollars we simply do not have.”

The Texas Congressman is lagging far behind the man most likely to win the nomination at the Republican National Convention in Tampa, Mitt Romney.

Paul was one of only two U.S. Representatives who opposed the nearly unanimous vote of approval by Congress last Wednesday on the United States-Israel Enhanced Security Cooperation Act of 2012. The measure tightens America’s security ties with the Jewish State.

Paul currently has only 104 delegates to his credit, while Romney has 966. Neither has enough to win the convention, however, if the vote were to be held today. Romney is still short the 1,144 delegates he needs to win the nomination at the present time – but the voting is not finished.

There are 11 primaries and caucuses that have yet to vote, among them Nebraska, Oregon and Utah, before the polls close on June 26.