WASHINGTON (CNN) -- On the same day he officially formed a presidential exploratory committee, Sen. Evan Bayh, D-Indiana, told CNN Wednesday he is capable of uniting Democrats, independents and Republicans in a "politics of common purpose."

"That's not happening today," Bayh told Wolf Blitzer on 'The Situation Room.' "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."

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

Bayh also said he has nearly $11 million available for a presidential race, but estimated the cost of a campaign at $25 million to $50 million. The Indiana Democrat said he is confident Democratic donors will sign on to his centrist message.