President Barack Obama made it official Monday: he will run for re-election in 2012.

His website said that a grassroots effort is more important than before and CNN reported that “campaign bundlers” have been asked to raise $350,000. The overall goal: $1 billion.

Locally, former Governor Tim Pawlenty has already taken aim at the Obama campaign.

No Republicans have announced their candidacy for president although locally, Pawlenty has formed an exploratory committee and Congresswoman Michele Bachmann has been making visits around the country.

Bachmann is expected to form a committee in June.

According to Opensecrets.org, last election Obama raised $745 million but only spent $730 million.