Virginia Gov. L. Douglas Wilder, the nation's only elected black governor and a rising star in the Democratic Party, is taking the first formal step toward a presidential bid in 1992, it was reported Friday.

A one-time liberal who has moved right to woo moderates over the years, Wilder has drawn praise from conservatives by erasing Virginia's $1.4 billion budget gap in a very Republican fashion - cutting spending instead of raising taxes.The creation of a campaign committee was revealed in a copyright story in The Richmond News Leader and promptly confirmed by Wilder's top strategist, Paul Goldman. "I want to make sure all the speculators are working - and working overtime," Goldman said.