President Obama Picks up Fundraising Pace as Re-election Announcement Nears

President Obama is picking up the pace of his fundraising schedule, as his formal re-election announcement is expected shortly.

Obama will be in New York Tuesday evening for a Democratic National Committee fundraiser in Harlem, which is the third donor-type event he has this month. Tuesday night he'll also attend a "thank you" event in New York which is not being labeled as a fundraiser.

Obama was in town to speak at the dedication of the Ronald H. Brown United Nations Building.

It's anticipated that the president will make his formal 2012 bid in the coming weeks. His campaign will be headquartered out of Chicago where the president will be also be on April 14 for another fundraiser.

As with any election, money will be key. It's anticipated that Obama could make the record-books again and raise $1 billion this election cycle. His campaign raised $750 million in 2008. The $1 billion mark is seen as an uphill climb for any Republican opponent to contend with.

"At worst he'll raise $900 million, but he could go over a billion," says presidential historian and Director of the University of Virginia Center for Politics Larry Sabato. Without a republican challenger, Sabato says $500 million will be the ceiling for any GOP nominee, and "no one will take the public money."

Tuesday evening Vice President Biden was also scheduled to attend a reception for the DNC in Washington as well.

Fox News' Sarah Courtney contributed to this report.