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Ted Cruz Set to Formally Announce Presidential Bid in Speech on Monday

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Senior advisers to the Republican Senator have tipped off the press about the launch of his bid to enter the White House in 2016.

Republican Senator Ted Cruz's 'big speech' planned for Monday is reportedly going kick off the senator's presidential campaign bid for 2016, making him the first candidate to throw his hat into the ring.

Advisers to the Texas Senator, who had strong ties to the Tea Party movement, have told local media that the speech at Liberty University in Virginia, a private Christian college, will be used to launch his campaign for the White House immediately; he opted not to form an exploratory committee before jumping into the race.

Other potential candidates for the Republican nomination mentioned in the media are Senators Marco Rubio of Florida and Rand Paul of Kentucky, former Florida Governor Jeb Bush, and even billionaire businessman Donald Trump, who formed an exploratory committee earlier this week. 

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