Ron Paul preps for 3rd presidential campaign

DES MOINES, Iowa — Texas Rep. Ron Paul is planning to announce the formation of a 2012 presidential exploratory committee at an event in Iowa.

Drew Ivers, Paul's 2008 Iowa caucus campaign manager, says the Republican congressman will announce his plans Tuesday afternoon at a Des Moines hotel.

Ivers says Paul also plans to name an Iowa campaign team at the event.

Paul first ran for president in 1988, finishing with a very small percentage of the vote. Paul finished fifth in the 2008 Iowa caucuses and has visited the state seven times since. He headlined an event in Sioux Center two weeks ago for a social conservative group, and he spoke at a rally for Christian home-school advocates at the Iowa Capitol in Des Moines last month.

Paul is a favorite among libertarians and enjoys strong backing by many tea party supporters.