Mitt Romney gets in, and the race is on

AP Photo
And the race is on--even earlier than some observers had expected.

Mitt Romney's announcement today that he's forming an exploratory committee may have caught some by surprise, but the timing is all about -- you guessed it -- money.

With President Obama poised to raise record amounts, Romney's camp realized it needed to start tapping into his network of supporters and raising money now, in the second quarter (which started April 1). They want this time to raise the kind of money the campaign is going to require.

Watch Romney's video below:


  • Jan Crawford On Twitter» On Facebook»

    Jan Crawford is CBS News Chief Political and Legal Correspondent. She is from "Crossroads," Alabama.

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