As the L.A. Times and others have reported, the USOC has decided to submit a bid for the 2016 Summer Olympics. L.A. and Chicago are the two candidate cities to represent the U.S., with an announcement of the choice due April 14.
According to the SportsBusiness Daily website (sub. required), the "selected city will join a field that currently includes Tokyo and Rio de Janeiro, and may expand to feature Rome, Madrid, Doha, Qatar and others. The IOC’s deadline for nominations is September 15. A two-year int’l campaign will follow, culminating with an IOC vote in October ‘09."