Mitt Romney announced 2012 bid

Good luck Willard, you are going to need it.

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As Mitt Romney makes it official, it appears to be all about the economy and about New Hampshire. But the man who many considered the early front-runner in the race for the GOP presidential nomination will have to share the spotlight on the day he officially jumps in the race.

The former Massachusetts governor and 2008 Republican presidential candidate will formally announce his second bid for the White House, declaring his candidacy at an event Thursday in New Hampshire, the state that holds the first primary in the presidential caucus and primary calendar.

Romney will sharply criticize President Barack Obama over the state of the economy, saying "Barack Obama has failed America."

According to excerpts of his speech released in advance by his campaign, Romney will attack Obama for expanding the role of the federal government, adding, "we are only inches away from ceasing to be a free market economy. I will cap federal spending at 20 percent or less of the GDP and finally, finally balance the budget."