(CNN) -- U.S. Rep. Ron Paul, R-Texas, a stalwart foe of government spending, won a blowout victory Saturday in the annual Conservative Political Action Conference presidential straw poll.

With participants naming "reducing the size of federal government" as their top issue, the 74-year old libertarian hero captured 31 percent of the 2,400 votes cast in the annual contest, usually seen as a barometer of how the GOP's conservative wing regards their potential presidential candidates.

Former Massachusetts Gov. Mitt Romney finished second with 22 percent of the vote, ending a three-year winning streak at CPAC. Former Alaska Gov. Sarah Palin finished third with 7 percent of the vote, followed by Minnesota Gov. Tim Pawlenty at 6 percent and Indiana Rep. Mike Pence at 5 percent.