Bill Richardson to Endorse Obama's Presidential Bid (Update1)

March 21 (Bloomberg) -- New Mexico governor Bill Richardson will endorse Barack Obama's White House bid, a campaign official said.

Richardson, 60, a former Democratic presidential candidate who dropped out in January, is scheduled to make a formal announcement alongside Obama at a campaign event in Portland, Oregon today, according to Jen Psaki, a campaign spokeswoman.

A two-term governor, eight-term congressman, and the energy secretary and United Nations ambassador during the administration of former President Bill Clinton, Richardson's endorsement is a boost for Obama, who is battling Sen. Hillary Clinton of New York for the democratic nomination.

``Whether it's fighting to end the Iraq war or stop the genocide in Darfur or prevent nuclear weapons from falling into the hands of terrorists, Gov. Richardson has been a powerful voice on issues of global security, peace and justice, earning five Nobel Peace Prize nominations,'' Obama, 46, said in an e- mailed statement.

Richardson is also a superdelegate, party officials who automatically receive votes at the Democratic National Convention that will choose the nominee. Obama leads Clinton in the popular vote and in the overall number of pledged delegates -- those won in primaries and caucuses.

While Clinton, 60, is leading in the number of superdelegates, Obama has had greater momentum in racking up more support from party and elected officials since he won the Iowa caucuses on Jan. 3.

Richardson's backing could also help Obama in the Hispanic community, where Clinton has had the edge in this year's voting contests. The next primary is April 22 in Pennsylvania.

The endorsement comes with polls tightening between Obama and Sen. John McCain of Arizona, the presumptive Republican nominee, as well as between Obama and Clinton. Obama, on Tuesday, delivered a major speech on race, condemning inflammatory remarks made by his Chicago pastor, the Reverend Jeremiah Wright Jr., after ties to his long-time spiritual adviser came under increased scrutiny last week.