Bachmann makes official 2012 presidential announcement

(CNN) -- Minnesota Rep. Michele Bachmann formally announced her candidacy for the 2012 Republican presidential nomination Monday during an appearance in Waterloo, Iowa -- the city where she was born.

Bachmann, a Tea Party favorite currently serving her third term in the House, told a crowd of supporters that Barack Obama's presidency has been a failure. She promised to lead a new conservative revolution characterized by smaller government and a lower federal debt.

"Make no mistake about it: President Obama is a one-term president," Bachmann declared. "Together we can rein in all the corruption and waste that has become Washington and instead leave a better America for future generations."

Bachmann blasted Obama's controversial 2009 economic stimulus plan, telling the crowd that "spending our way out of this recession hasn't worked."

Echoing Ronald Reagan's famous refrain, the congresswoman asserted that "more than ever, Washington is the problem."

"The real solutions will come from our businesses, our communities, our schools and the most basic and powerful unit of all -- our families," she proclaimed.

While making a direct appeal to the Tea Party's deficit hardliners, Bachmann also made a pitch to religious conservatives, praising the country's past military victories in part by citing a line from the Bible: "Greater love hath no man than this, but that he lay down his life for his friend."

Most political analysts consider Bachmann's candidacy for the GOP nomination a long shot at best, as front-runner Mitt Romney cranks up a formidable campaign operation and fundraising machine. Few House members have proven to be nationally viable candidates in the past.

Bachmann, however, appears to have considerable appeal among Republicans in Iowa, which will host the nation's first caucus next winter. She finished a statistically insignificant one point behind Romney in a Des Moines Register Iowa poll released Saturday night.

Romney, a familiar face from his 2008 bid, was favored by 23% of the likely Iowa caucus-goers, while Bachmann was favored by 22% of respondents.

Former Godfather's Pizza CEO Herman Cain -- like Bachmann a Tea Party favorite -- received 10%, while former House Speaker Newt Gingrich and Rep. Ron Paul of Texas each got 7%.

Bachmann has also assembled a team of veteran political operatives to manage her campaign.

Among others, she hired Ed Rollins, who directed Reagan's landslide re-election bid in 1984 and managed former Arkansas Gov. Mike Huckabee's 2008 effort, to run her operation.

She has also brought in top-flight Republican talent like pollster Ed Goeas, who was working with Mississippi Gov. Haley Barbour before Barbour declined to seek the nomination. The congresswoman has also brought on board message maven Brett O'Donnell, who worked for President George W. Bush and Sen. John McCain's 2008 campaign.

O'Donnell coached McCain running mate Sarah Palin before her high-stakes vice presidential debate.

Also aiding Bachmann: veteran consultant Bob Heckman, who has deep ties to the conservative movement; former McCain campaign web guru Becki Donatelli; and Tom McGill, a fundraiser for Bush's 2004 campaign and former New York City Mayor Rudy Giuliani's 2008 bid.