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

President Joe Biden has formally announced he's seeking reelection

- Will Weissert

WASHINGTON (AP) — 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.

With Tuesday's campaign video release, Biden is following through on months of saying he intended to seek reelection. 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.

But all that has meant Biden faced relatively little pressure to make his 2024 bid official. Here's a look at why he announced now and how things will and won't, change for him going forward:

WHY NOW? 

A formal reelection announcement means the president is now allowed to raise money directly for his campaign. It's a change from his speeches at donor events benefiting the Democratic National Committee or other outside political groups that he has given since entering the White House.

Biden will spend campaign funds on salaries and logistics building out a 2024 staff, and holding events outside his official presidential business. He plans to have dinner in Washington on Friday with leading Democratic donors and DNC leaders, paying special attention to those who write big checks to ensure his reelection campaign stays well-funded.

Some party donors and organizers had begun grumbling about a lack of movement on the reelection front-and the announcement, followed by Friday's gathering, will allow the president to reassure them.