McCotter to enter presidential race

Rep. Thaddeus McCotter (R-Mich.) is set to announce his intention to run for president on Saturday, according to a highly placed source in McCotter's camp.

The source confirmed reports that McCotter intends to file papers on Friday and make the official announcement on Saturday.

Over the past several weeks, reports have surfaced of McCotter's interest in pursuing a bid for the highest elected office in the nation.

He will be the third sitting member of the House to toss his hat into the ring, on July 2.

Reps. Ron Paul (R-Texas) and Michele Bachmann (R-Minn.) have announced their respective bids for president.

McCotter served as policy chairman in the House GOP leadership from 2006-2010. He opted not to run for a third term in leadership last year.

This post was updated at 9:25 p.m.