Barack Obama filed papers on Tuesday to start an exploratory campaign to run for President in 2008. Filing the papers legally allows him to raise and spend campaign dollars. Obama said he might need $65 - $70 million for the primary run in a year.
On February 10th in Springfield, IL Senator Obama will formally announce his candidacy. He will run as an outside contender calling for a change in United States politics. He will be swimming in "uncharted waters" according to William Daley.
In a statement on Tuesday Obama stated that "The decisions that have been made in Washington these past six years, and the problems that have been ignored, have put our country in a precarious place,". Obama's popularity moved up his timetable to run.Source