The president is making his campaign official slightly earlier than is typical for an incumbent so he can get a jump on fund-raising in a season that’s likely to shatter all records. Obama’s team has been asking campaign bundlers to raise $350,000 each, no easy task since campaign finance laws limit gifts to $2,500 per donor. Two sources tell CNN the campaign team hopes that in total their bundlers will raise $500 million, leaving the campaign to raise another $500 million and amass a record-breaking $1 billion war chest.

According to these sources, the president has made calls to top donors and conference calls are planned this week to supporters and key Democratic groups. Vice President Joe Biden is already planning to be in New Hampshire Monday and will meet with key supporters in that crucial early voting state. For the past few weeks, Jim Messina, who will manage the campaign, and Patrick Gaspard, executive director of the DNC, have been flying around the country meeting with frustrated donors working to get them re-engaged.