And then there were 1,221...

Former Iowa governor Tom Vilsack has just announced he has withdrawn from the 2008 Presidential race and the reasoning can be summed-up in one word:

Money.

Vilsack’s campaign had estimated that they would need $20 million to be competitive in the primary portion of the race, and didn't think they could raise it.

Vilsack was the second Democrat to “officially” step into the race (he declared on November 9, 2006) and is the first to drop out… though certainly not the last (Mike Gravel, Dennis Kucinich, Chris Dodd – you’re all on deck!)

While it is an incredibly early withdrawal, it is the best and most realistic decision for Vilsack to make. He is not well-known outside of his home state, and he has not proven himself to be a good fundraiser while also coming down on the wrong sides of some issues.