Vilsack Drops Presidential Bid

Updated: Former Iowa Governor Tom Vilsack told reporters at a press conference that he's dropping out of the race for the 2008 Democratic nomination because he doesn't believe he can raise the necessary money for a national campaign.

"It is money and only money that is the reason we're leaving today," Vilsack said.

From the Associated Press:

DES MOINES, Iowa - Democrat Tom Vilsack is abandoning his bid for the presidency after struggling against better-known, better-financed rivals, a senior campaign official told The Associated Press on Friday.

Vilsack left office in January and traveled through states holding early tests of strength. He had faced a tough challenge from rivals such as New York Sen. Hillary Rodham Clinton, Illinois Sen. Barack Obama and John Edwards, who have had more success raising money and attracting attention -- even in Vilsack's home state of Iowa.

In addition, three independent sources have told The Hotline Vilsack is dropping out.

An announcement is scheduled for 11 a.m.

The question is which Democratic candidate this benefits most?

Developing . . .