President Obama formally announced his re-election bid today via Facebook, Twitter and e-mail. With 20 months left before the election, Obama’s re-election campaign team is beginning the arduous task of fundraising for the fight ahead.

The president’s website has a new 2012 logo as well as a video meant to tap into the grassroots channels that helped win the 2008 election. According to the Washington Post, Obama’s campaign manager, Jim Messina, has already started touching bases with major donors with a goal of raising approximately $140 million.

Obama supporters received an e-mail message from the president that served as both a call for action and an acknowledgement that there is still much work to be done.

"We've always known that lasting change wouldn't come quickly or easily. It never does," the Democrat said in an e-mail to supporters announcing his candidacy. "But as my administration and folks across the country fight to protect the progress we've made—and make more—we also need to begin mobilizing for 2012, long before the time comes for me to begin campaigning in earnest."

The president said he was filing the necessary paperwork with the Federal Election Commission.

Between now and November 2012, Obama will need to convince voters that he has delivered the change that he promised in 2008. He will also need to defend divisive policies, including health-care reform and his efforts to boost the economy.

Currently, Obama has no primary challenger, but that could change. Republicans, on the other hand are lining up to challenge the incumbent Democrat.

(Photo: AP Photo/M. Spencer Green)