Washington (CNN) -- Democratic National Committee Chairman Tim Kaine plans to make what's being billed as a major announcement for the party Wednesday.

Any link one clicked on the party's website early Wednesday touted the announcement, without offering details.

However, a Democratic source with knowledge of the speech said it will be about the future of the party.

The source told CNN that Kaine will announce something that will excite Democrats across the country.

Kaine's event comes as Democrats face the difficult task of holding onto their majorities in the House and Senate this November.

The speech, scheduled for Wednesday afternoon at George Washington University, happens around the same time that Republican National Committee Chairman Michael Steele kicks of a major bus tour in support of Republicans running in the midterm elections.

But the source says that the timing of Kaine event was in the works well before the date of Steele's kickoff was announced.