It's not a great day to announce one's presidential candidacy -- with the president set to deliver a major deficit speech, and with long-term fiscal politics dominating the news cycle -- but former Pennsylvania Sen. Rick Santorum is reportedly expected to do just that tonight.

John Distaso of UnionLeader.com reports:

Santorum, a former Fox News contributor, will make the announcement on the program "On the Record" with Greta Van Sustern.

It's anticipated that Santorum, who announced on Monday that he will participate in a presidential debate in New Hampshire on June 7, will move closer to a candidacy, perhaps with the formation of an exploratory committee.

Santorum was suspended by Fox News in early March, along with Newt Gingrich, as the two paid contributors were widely known to be considering presidential runs. Had Fox kept them on, Santorum and Gingrich could have used Fox air time as platforms for unofficial presidential bids. The network suspended them for 60 days.

"On the Record" airs from 9 p.m. to 11 p.m. Eastern.