President Barack Obama announced himself as a candidate for the next year’s re-election through video and mail sent to his supporters on Monday. He hopes economic recovery will increase his chances for a new term.

The announcement sets the plan to gather about $1 billion donations, which would break off the campaign finance record of $750 million he had previously acquired for the 2009 elections.

Obama appears to be in a fairly good shape against his potential challengers from the Republican field. However, many believe it is early to tell yet. The U.S economy is picking its pace to recovery. Yet, there are still various instances that could affect Obama’s chances, which include increasing prices of gasoline and unexpected extension of the conflict in Libya.

Also, the high unemployment rate in the United States became a huge factor in the victory of Republican field in November. Most Americans consider this factor when they vote. But the unemployment rate decreased to 8.8 percent in the last few months.

In 2009, Obama became the first ever black president in the United States. He scored big when reforms of healthcare, as well as financial regulation laws were approved by the Congress last year.

Obama’s fate in the 2012 re-election will highly depend on how he scores with the independent voters, which were an important part of his victory in 2008.

Although President Obama tries to distance himself from actions which can be viewed as ‘politicking,’ each of his moves will be viewed now as re-election plots by the media. In his email, Obama said to his supporters that he will be filing papers to begin his re-election bid in a formal way.

Bank of Canada Governor Mark Carney sees the high levels of household debt decreasing to more manageable levels. However, Carney warned people to remain vigilant.

Carney said an interview with the Canadian Broadcasting Corporation that the time to give warning is when people can still do something about it, and the household debt side is part of that trend they are concerned about.

In addition, they expect that the pace of household borrowing will slow to something more manageable and consumption will grow more in line with income. The situation might become manageable, but Carney says they still have to collectively stay on top of it.

Carney’s interview with the broadcasting corporation was taped December 15; however it was aired on television on Wednesday.

In the interview, he also said that he had raised the key interest rate of the bank three times between the period of June and September to 1 percent since the economy of Canada performed relatively well in comparison with other advanced economies. Canada’s labor market also performed exceptionally well.

However, the major risk that could affect the Canadian economy in 2011 is the possibility for continued weakness in the U.S recovery. Yet, Carney informed it is unlikely for a double-dip recession to occur in the United States.

He also said that European crisis in debt might also directly affect the Canadian growth through the financial sector. Right now, Canada’s provincial and federal government debt levels are in good shape based on the global standards.