officially. and he is the man to beat. the logo is back but the catchphrase is new. it begins with us. it being president obama s re-election campaign announced this morning with an online video and e-mails to supporters. the president says he needs to start mobilizing long before it is time to start campaigning in earnest which is not to say the gop is withholding an earnest response. joining me now for two at the top, mark preston. mark, there was never any doubt that the president would seek a second term. why the big deal now about his formal announcement? just because the fact is he is making it official. president obama is going to seek a second year but it really is comes down to one thing. money. president obama needs to start raising money to run his re-election now. our estimates out there about how much he needs to spend will be mind blowing between $750 million and upwards of $1 billion. so the president has made it official but we haven t seen a singl