Perry also has to deal with the label of double standards. Though he assailed Obama's federal stimulus plan, Perry didn't reject the funds for his own state.
His opponents also point to some of his more brash remarks, such as calling for secession for Texas from the rest of the country or praying for rain in drought-stricken Texas.
With campaigns already under way and heating up, Perry may not have the luxury of time to announce his decision. Candidates like Pawlenty, Romney and Newt Gingrich are already closing in on key states like New Hampshire, and the field is quickly becoming narrower.
"I think that the process is -- of running for president is so brutal and the infrasructure that's required to run, to set up campaigns, build networks and run in places like Iowa, New Hampshire, South Carolina, Michigan, all the way through Florida is pretty extensive, so I find it increasingly hard to believe that if a candidate waits any longer, that their chances are going to remain very good," Republican strategist Kevin Madden said. "That has to do with just the process part of it."
"The field does still have an opening because there does seem to be a desire for -- by voters for more options, but I think that time is rapidly coming to a close," he added.