June 27th, 2011
03:15 PM ET

Bachmann makes official 2012 presidential announcement

(CNN) - Minnesota Rep. Michele Bachmann formally announced her candidacy for the 2012 Republican presidential nomination Monday during an appearance in Waterloo, Iowa - the city where she was born.

Bachmann, a 55-year-old Tea Party favorite currently serving her third term in the House, told a crowd of supporters that Barack Obama's presidency has been a failure. She promised to lead a new conservative revolution characterized by smaller government and a lower federal debt.

"Make no mistake about it: President Obama is a one-term president," Bachmann declared. "Together we can rein in all the corruption and waste that has become Washington and instead leave a better America for future generations."

Bachmann blasted Obama's controversial 2009 economic stimulus plan, telling the crowd that "spending our way out of this recession hasn't worked."

Echoing Ronald Reagan's famous refrain, the congresswoman asserted that "more than ever, Washington is the problem."

"The real solutions will come from our businesses, our communities, our schools and the most basic and powerful unit of all - our families," she proclaimed.

While making a direct appeal to the Tea Party's deficit hardliners, Bachmann also made a pitch to religious conservatives, praising the country's past military victories in part by citing a line from the Bible: "Greater love hath no man than this, but that he lay down his life for his friend."

Obama campaign spokesman Ben LaBolt dismissed Bachmann's claim she could lead a new economic recovery, arguing that "her policies would erode the path to prosperity for middle class families."

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