Former Iowa Gov. Tom Vilsack has abandoned his bid for the presidency, which could give a boost to the campaign of New Mexico Gov. Bill Richardson.
The move leaves Richardson as the only Democratic candidate for president who has experience as a governor, and voters historically like sending governors to the White House.
Vilsack, 56, worked hard but failed to attract the attention and cash to compete with the top candidates in the race – Hillary Clinton, Barack Obama and John Edwards.
“It is money and only money that is the reason we are leaving today,” the Associated Press quoted Vilsack as saying at a news conference.
Vilsack’s withdrawal leaves eight candidates in the race for the Democratic nomination. With Iowa holding the first caucuses in the nation in January, his endorsement will be sought by all the candidates, and he could be considered as a vice-presidential nominee.
He was the first to enter the race in November, and he’s the first to drop out.
The move is important for Richardson because, historically, governors fare better in presidential elections than do members of Congress, and many analysts expected Vilsack or Richardson to gain traction because of that. During Wednesday’s forum, former Alaska Sen. Mike Gravel, another Democratic candidate, said if he didn’t secure the nomination he favored Vilsack or Richardson, in that order, because of their experience as governors.
During Wednesday’s forum, Vilsack gave no hint that he might withdraw from the race. He spoke passionately about ending the war in Iraq and redirecting resources to deal with problems at home and in Afghanistan.
Update, 11:40 a.m.
Richardson’s campaign released this statement on Vilsack’s withdrawal from the race:
“While I respect and understand Tom’s decision, he will be missed from the campaign. He is a good friend, and a man of integrity and tremendous ability,” Richardson said. “As governor, Tom accomplished a great deal for the people of Iowa. He was a leader among governors as a former chair of the Democratic Governor’s Association, and I know that he will continue to be a strong force in the national Democratic Party.”
Update, 2:25 p.m.
You can watch a video of Vilsack explaining his decision by clicking here.
Former Iowa Gov. Tom Vilsack has abandoned his bid for the presidency, which could give a boost to the campaign of New Mexico Gov. Bill Richardson. 
Vilsack’s withdrawal leaves eight candidates in the race for the Democratic nomination. With