The Kentucky state Republican Party on Saturday approved a caucus that will allows freshman Sen. Rand Paul to run for re-election and president at the same time.

Kentucky state law bans candidates from appearing on the ballot twice in the same election. To get around that law, Paul had asked Republicans to create a presidential caucus in Kentucky on March 5.

The Republican Party's executive committee unanimously approved the caucus in the spring. But since then, Paul's campaign has faltered in the polls. Many Republicans have questioned spending up to $500,000 for a caucus when Paul might be out of the presidential race by March.

Paul has pledged to pay for the cost of the caucus from his campaign account.

“I applaud the Republican Party of Kentucky on their decision,” Paul said. “I am also grateful for the Republican Party's trust in me, allowing me to run for re-election and seek the nomination for the presidency.”

Patrick Hughes, chairman of the Kentucky Democratic Party, said members “aren't worrying about Rand Paul.”

He said they are instead “laser focused on the 2015 elections," particularly on the governor's race in which Democrat Jack Conway is facing Republican Matt Bevin.

“While Rand Paul is disfranchising Kentucky voters, Jack Conway is winning them over," Hughes said.

Fox News' Joseph Weber contributed to this report.