"One thing that's become clear to me as I've looked into this is that if you're simply a one-issue candidate, you end up getting marginalized," Bolton said. "I've recognized that this would have to be a campaign that would cover the full range of issues, including the mess that the president's economic policies have left the country in. If I ran, it would not simply be to raise national security issues. If I ran, I would run it to win it."

Bolton said he supports the Paul Ryan budget as a starting point for economic reform.

"I think the way the House Republicans have started off with the Ryan budget, aiming to get federal expenditures back to their 2008 levels as the first step is exactly the right way to go," Bolton said. "I think there's more to do there. I think it's critical that we tackle entitlement programs, Medicare and Medicaid, including social security."