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NEW YORK, N.Y. (CBSMiami) — Former New York City Mayor Michael Bloomberg is making preparations for an independent bid for the White House in 2016, CBS News has confirmed.

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Sources close to Bloomberg said he’s having his advisers draw up plans for a campaign, something the 73-year-old billionaire has considered in the past.

The move comes at the height of Republican candidate Donald Trump’s popularity and a close race between the two Democratic front-runners, Senator Bernie Sanders and former Secretary of State Hillary Clinton.

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As reported by the New York Times, the former Big Apple mayor has indicated he’d be willing to spend at least $1 billion of his own money to fund a bid.

Bloomberg will reportedly come to a decision in March.

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