(Nov 24): Former New York Mayor Michael Bloomberg announced he is running for the Democratic presidential nomination, offering his own mix of moderate policy stances and experience in business, government and philanthropy as the way to beat President Donald Trump.

Bloomberg, 77, called Trump “an existential threat to our country and our values” as he joined a crowded field of candidates, with fewer than three months before the Iowa caucuses. His late entry will create added difficulties as he seeks to build a campaign infrastructure and support in key states.

“I’m running for president to defeat Donald Trump and rebuild America. We cannot afford four more years of President Trump’s reckless and unethical actions,” Bloomberg said in a statement announcing his candidacy. “If he wins another term in office, we may never recover from the damage.”

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