Bayh to test waters for White House bid

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WASHINGTON (CNN) -- Sen. Evan Bayh created a presidential exploratory committee Tuesday, making him the latest politician to formally express interest in a run for the Oval Office in 2008.

The Indiana Democrat will announce after the holidays whether he will vie for his party's nomination. (Gallup poll's presidential wish list )

Bayh, who will turn 51 on December 26, told CNN he believes he is capable of uniting Democrats, independents and Republicans to engage in "politics of common purpose."

"That's not happening today," he said. "But it's something I've demonstrated repeatedly an ability to do, and it's something I think we're going to need in the next president."

In a letter announcing his candidacy, Bayh wrote, "The American people are frustrated with business as usual in the nation's capital. They know that Washington is not doing what it takes to meet the challenges of our time."

He added that America is "in danger of becoming the first generation in American history to pass onto our children a nation that is less secure, less prosperous and less just. My decision will be based on how I can best help America get back on the path to greatness."

Bayh, the son of three-term U.S. Sen. Birch Bayh, served two terms as his state's governor before winning a Senate seat in 1998. He also is a former leader of the Democratic Leadership Council.

He voted to authorize war with Iraq in 2002, but now supports a phased withdrawal of American troops.

He said he has nearly $11 million available for a presidential race, but estimated the cost of a campaign at $25 million to $50 million.

Only two other politically prominent Democrats have announced their candidacies so far.

Iowa Gov. Tom Vilsack threw his hat in the ring last week and former two-term U.S. Sen. Mike Gravel of Alaska announced his candidacy in April.

Three well-known Republicans -- Arizona Sen. John McCain, Kansas Sen. Sam Brownback and former New York Mayor Rudy Giuliani -- also have announced the formation of their exploratory committees.

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