WASHINGTON (NEXSTAR) — The 2024 presidential race is heating up.

President Biden is expected to announce his re-election campaign soon and his Republican rivals are vying for support within their party. 

For months, Biden has dropped hints about running for re-election and he’s expected to officially launch his campaign next week. 

“We have more to do, we’ve made a lot of progress,” Biden said at an event this week. 

NewsNation Political Editor and The Hill panelist Chris Stirewalt says this moment is an important one for Democrats. 

“There’s always significance when the sitting president announces for re-election. That doesn’t make it surprising,” Stirewalt said. “The thermometer for how warm or cool Democrats feel for him, we’ll get a really good sense of that.” 

On the Republican side, Florida Gov. Ron DeSantis also hasn’t officially announced he’s running, but he spent the week meeting with lawmakers in D.C. and touting his political record. 

“We deliver big victories every single day, we reject the culture of losing that has infected the Republican party in recent years,” DeSantis said. 

However, several of the lawmakers he met with turned around and endorsed former President Donald Trump instead. 

“It’s a tough climb to go from state politics to national politics,” Stirewalt said. 

Trump is dealing with troubles of his own, facing criminal charges and investigations. Stirewalt says that’s something Republicans will have to reckon with. 

“The idea of having to nominate someone a third time who carries that much baggage,” Stirewalt said. 

Other candidates are also jumping in, from Republican Nikki Haley to Democrat Robert Kennedy Jr. 

Stirewalt says voters should expect the final field to continue to shift until each party has to select a candidate next summer.