A group of prominent Democratic Party fundraisers on Friday began circulating a letter to encourage a hesitant Vice President Joe Biden to enter the 2016 race for president.

The letter, signed by nearly 50 people, calls the Obama-Biden administration a "spectacular success." It cites job creation, a lower unemployment rate, new health insurance policies for nearly 9 million Americans and the end of the wars in Iraq and Afghanistan.

"To finish the job, America needs a leader who is respected both home and abroad, and who understands the real challenges facing American families. In our opinion, the next president must be Joe Biden. If he announces he's running, we're all in. It's a campaign we know he will win," the letter says.