Illinois Senator Barack Obama formed a presidential exploratory committee Tuesday morning, a move allowing him to raise and spend money in pursuit of the presidency.
Obama's enters the race as a top-tier candidate with significant name recognition, a devoted base of supporters and an ability to raise money rivaled only by Senator Hillary Clinton and former Senator John Edwards.
On a trip to New Hampshire last month, Obama drew unprecedented 1,500 person audience.
He announced the formation of the committee via a video he uploaded on YouTube.com and his own website. You can view the video here.