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.

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.

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