Ron Paul formally enters presidential race

Updated at 1:32 p.m. ET

Texas Congressman Ron Paul was greeted with cheers and applause as he rallied New Hampshire supporters, just hours after formally announcing his bid for the GOP presidential nomination.

"There's such a high respect for the spirit of liberty here," Paul said in Exeter, H.H.

Earlier, the 12-term lawmaker said on ABC's Good Morning America that he would change his status from "exploring" the presidency to out-right running for the White House. He said on the show: "The time is right."

"Time has come around to the point where the people are agreeing with much of what I've been saying for 30 years," Paul said, referring to his free-market ideas that espouse personal freedom and adherence to the Constitution.

Although Paul generated enthusiasm in the 2008 campaign -- and tapped the power of the Internet to raise money and grass-roots support -- the libertarian-thinking Republican finished a distant fourth for convention delegates behind nominee John McCain.

A prodigious fundraiser, Paul became known for his use of "money bombs" -- an intense Internet effort to bring in campaign cash. In the 2008 campaign, he set a record for a one-day haul of $6 million via one such money bomb.

This is Paul's third presidential race. He ran the first time in 1988 as the Libertarian Party's nominee.

(Contributing: Associated Press)