Ron Paul to Announce 2012 Committee

Politico reports:

Ron Paul will move one step closer to a long-shot presidential bid Tuesday, when he announces the formation of an exploratory committee in Iowa.

The Texas congressman confirmed his plans Monday night on Fox News, after news reports of his plans for a late-afternoon announcement in Des Moines had circulated online hours earlier. A Paul source told POLITICO that he'll also roll out his campaign team for the first-in-the-nation caucus state Tuesday.

"I'm going to start an exploratory committee," Paul confirmed to host Sean Hannity. "That might lead to the next decision.

"It depends on what kind of reception I get on your show tonight," Paul joked. "If I get booed maybe I shouldn't do it."

Three members of the state party's central committee will co-chair Paul's campaign in Iowa, a source said.

Paul, who has a small but dedicated following, will hold a news conference at the Holiday Inn near the Des Moines Airport to make the official announcement.

He raised cash online at a massive clip during his 2008 campaign, and is expected to do much of the same this time around. Though Paul does not boast much of a familiar D.C.-based political infrastructure, his team is well-connected among various tea party and grassroots conservative organizations.