06/14/2011 08:38 am ET Updated Aug 14, 2011

Michele Bachmann Talks 2012 Presidential Announcement At GOP Debate

WASHINGTON (AP/The Huffington Post) -- Congresswoman Michele Bachmann says she decided to jump into the 2012 Republican presidential sweepstakes at this time because she believed it was "the right thing to do."

The tea party favorite from Minnesota used her appearance in Monday night's GOP candidate debate in New Hampshire to reveal that she had filed the necessary papers to be a candidate, expanding the current field of hopefuls to seven.

Speaking on CBS' "The Early Show" Tuesday morning Bachmann said that she "had full assurance from the American people that this was the right thing to do. ... We were quite confident, after much planning and deliberation, this is exactly the right time to file the paperwork, and we'll be making a formal announcement soon."

Asked how she would feel about former Alaska Gov. Sarah Palin getting into the race, Bachmann says, "I have great respect and admiration for the governor." Bachmann told "The Early Show" that she believes the Republicans have a strong field and "I think we have room for more if the governor chooses to get in." She says she'll make her formal announcement soon.