WASHINGTON - A self-described underdog in the crowded 2008 presidential race, Democrat Bill Richardson begins the difficult task of proving he can raise enough money to be a serious contender for the party's nomination.

The 59-year-old New Mexico governor announced in a video posted Sunday on his Web site that he would set up an exploratory committee that will let him raise money and assemble his campaign organization.

"I believe these serious times demand serious people, who have real-world experience in solving the challenges we face," Richardson said in the video. "I humbly believe I'm the best-equipped candidate to meet these challenges."

A former U.N. ambassador, Energy Department secretary and congressman, Richardson's resume looks presidential.

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