McCain to Launch 2008 Exploratory Panel

U.S. Sen. John McCain, R-Ariz., remarks on the resignation of U.S. Secretary of Defense Donald Rumsfeld Wednesday, Nov. 8, 2006, during a news conference at his his office in Phoenix. (AP Photo/Matt York) (Matt York - AP)

"I'm confident we will do that," he said.

The Republicans' loss of power in the Senate was a double blow to McCain, who had been in line to become chairman of the powerful Armed Services Committee in January. The panel's top post overseeing the military would have given him a high-profile platform during wartime and in the year leading up to 2008.

McCain has spent the past year padding his Straight Talk America political action committee with supporters in the early primary states of Iowa, New Hampshire and South Carolina, and he has broadened his inner circle of advisers to include several strategists with ties to Bush.

During the 2006 election cycle, McCain worked to spread goodwill throughout the party, attending 346 events and raising more than $10.5 million on behalf of Republican candidates across the country. He also donated nearly $1.5 million to federal, state and county parties.

There's no shortage of Republicans vying to replace President Bush in 2008.

A full 15 months before the first primary contest in Iowa, McCain is considered the one to beat in a crowded field. Possible candidates include Massachusetts Gov. Mitt Romney, Senate Majority Leader Bill Frist of Tennessee, Arkansas Gov. Mike Huckabee, Sen. Sam Brownback of Kansas and former New York City Mayor Rudy Giuliani.

An Associated Press-AOL News poll conducted late last month found Secretary of State Condoleezza Rice, Giuliani and McCain essentially tied for support. Rice has insisted she will not run.

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On the Net:

Sen. John McCain: http://www.straighttalkamerica.com/