It's rare that a news story runs its full course overnight but at first-glance that seems to be the case with a campaign memo leaked from Hillary Clinton's campaign. The memo considered a plan for Clinton to stop competing in Iowa and "concentrate instead on later states," reports the New York Times' Adam Nagourney. Deputy campaign manager Mark Henry "made a case that Iowa would consume too much time and money that could be better invested elsewhere," estimating it would cost Clinton $15 million and 70 days worth of travel to be competitive there.

The real impetus was the presence of the large states: "Thirteen of the last 14 major-party nominees have won Iowa, New Hampshire, or both but I think this old system is about to collapse," because of the Feb. 5 states, Henry writes. The campaign claims neither Clinton or strategist Mark Penn had seen the memo.

Radio Iowa's O. Kay Henderson got the rapid response from Clinton herself. "What I can tell everyone is I'm unequivocally committed to competing in Iowa," Clinton said, adding, "I haven't seen the memo and I was first informed of it when, apparently, the press got a copy of something which reflects the thoughts of one member of our staff who, you know, was thinking out loud, apparently. But it's not the opinion of the campaign. It's not my opinion."

However, the memo's effect is hardly over, according to Hotline On Call because the press will be "appropriately skeptical that no one else in the Clinton campaign has ever thought about ditching Iowa. And they'll wonder why Mike Henry, entrusted with the keys to the kingdom, all the internal polling data, privy to all the strategic discussions -- why only Mike Henry came to the conclusion that winning Iowa would be tough? Flipping the coin, isn't it also true that expectations that HRC will win -- and needs to win -- Iowa are forever diminished?"

The Washington Post's Chris Cillizza writes that the Barack Obama campaign is "moving a memo of its own around Iowa that makes the electability argument," citing recent polls.

A potentially bigger story on the Democratic side is whether to support the Senate bill that would continue to fund the Iraq war without the withdrawal timetable, writes USA Today's Jill Lawrence. "A no vote risks reviving the party's image as anti-military and soft on terrorism, and could hand a weapon to a GOP presidential nominee. A yes vote could inflame liberal groups and voters active in the primary process, and hand ammunition to Democratic rivals." Sen. Chris Dodd said he'll vote no and Sen. Joe Biden said he'll vote yes. Obama and Clinton are still "mulling their options."

Clinton isn't just relying on Senate votes to determine position on Iraq. Clinton wrote a letter to Defense Secretary Robert Gates "urging the Pentagon to begin planning for an American troop withdrawal from Iraq," writes the New York Sun's Russell Berman. Clinton told reporters yesterday that if the Pentagon isn't planning for it, "it will be difficult to execute it in a safe and efficacious way."

On the Republican side, John McCain told reporters that 9/11 made immigration a national security issue, reports the Spartanburg Herald-Tribune's Jason Spencer. On the same day, McCain lost his South Carolina political director.

Meanwhile, Rudy Giuliani's national political director Mark Campbell said the campaign will decide in June whether or not to participate in the Ames, Iowa, straw poll on Aug. 11, reports Radio Iowa's O. Kay Henderson. "Campbell also dismisses media reports that Giuliani may skip competing for support in Iowa's Caucuses and focus on the big states like Florida and California which will be having primaries shortly after Iowa."

Get these and today's other elections stories at RCP's Politics and Elections page.

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