Former Massachusetts Governor Mitt Romney
Former Massachusetts Governor Mitt Romney announces that he is formally entering the race for the 2012 Republican U.S. presidential nomination in Stratham, New Hampshire June 2, 2011. REUTERS

Mitt Romney officially launched his bid to become President of the United States, assessing his President Barack Obama's record on helping the U.S. economy grow a failure.

It was a moment of crisis for our economy, and when Barack Obama came to office, we wished him well and hoped for the best, Romney said. Now, in the third year of his four-year term, we have more than slogans and promises to judge him by. Barack Obama has failed America.

His fiscal aim was to limit federal spending to no more than 20 percent of the economy balance the federal budget and ultimately repeal the 2010 health care law which has become known as Obamacare due to the President strong support for it.

We love America! We believe in America!, he said.

Other candidates aiming for the Republican candidates include the well-known former House Speaker Newt Gingrich, Rep. Ron Paul of Texas, former and former Minn. Gov. Tim Pawlenty. Among the lesser known candidates is Herman Cain, a former CEO of the Godfather's pizza chain, former head of Federal Reserve Bank of Kansas City.