Jon Huntsman to say U.S. needs "more than hope" - it needs answers

UPDATED 9:29 a.m. ET

President Obama's former ambassador to China, Jon Huntsman, will formally launch his bid for the White House today, promising "leadership that knows we need more than hope, leadership that knows we need answers."

The Republican former governor of Utah plans a speech at Liberty State Park in New Jersey, with the Statue of Liberty in the background, evoking Ronald Reagan's 1980 campaign against President Jimmy Carter.

"We're not just choosing new leaders. We're choosing whether we are to become yesterday's story or tomorrow's. Everything is at stake. This is the hour when we choose our future," Huntsman is expected to say, according to excerpts released by his campaign.

Huntsman's speech is heavy on the economy, taking a page from Reagan, who hit Carter hard in his September speech by saying "a recession is when your neighbor loses his job. A depression is when you lose yours. Recovery is when Jimmy Carter loses his." Reagan beat Carter in a landslide just two months later.

"What we need now is leadership that trusts in our strength. Leadership that doesn't promise Washington has all the solutions to our problems, but rather looks to local solutions in our cities, towns and states," Huntsman will say.

"And we must make hard decisions that are necessary to avert disaster. If we don't, in less than a decade, every dollar of federal revenue will go to covering the costs of Medicare, Social Security and interest payments on our debt. Meanwhile, we'll sink deeper in debt to pay for everything else - from national security to disaster relief," Huntsman plans to say.