Texas Gov. Rick Perry is emphasizing his economic track record as he faces Iowa Republicans for the first time since announcing his candidacy for the party's 2012 presidential nomination.

Speaking to an audience of about 300 at a GOP fundraiser Sunday evening, Perry says the biggest issue facing the United States is "economic turmoil." He says that if the president "doesn't get this country working, we're in trouble."

Perry was mobbed by reporters as he arrived at the ballroom in Waterloo, Iowa, one day after launching his campaign in South Carolina.

Minnesota Rep. Michele Bachmann, the winner of Saturday's Iowa straw poll, was also speaking at the fundraiser.