Why is Biden announcing 2024 bid now, and what will change?

By WILL WEISSERT
Associated Press

WASHINGTON (AP) — President Joe Biden has formally announced he’s seeking reelection. But he’s also still the president, with roughly 20 months left in his term regardless of whether he wins a second one on Election Day 2024. Top Democrats have remained solidly unified behind the president, despite his low approval ratings and many Americans saying they’d rather not see the 80-year-old Biden try for four more years in the White House. So what will change with Biden’s announcement? A formal reelection announcement means the president is now allowed to raise money directly for his campaign. It also means he now has to publicly release how much money his reelection campaign is raising.