Today's two biggest political stories couldn't look more different at first glance but share a common element: readjusting strategies. John McCain's campaign announced major restructuring after reporting $11.2 million raised in the last quarter and only $2 million left in cash. Meanwhile, Bill Clinton joined Hillary on the trail in an effort to gin up support in Iowa and also to try and shift the focus away from news about Barack Obama's huge Q2 fundraising haul.

The Washington Post's Alec MacGillis and Dan Balz report McCain announced a wave of layoffs and a "return to the kind of tactics the candidate employed in his first run for the White House," after his dismal fundraising report. Campaign manger Terry Nelson said he won't take a salary to help trim costs and sources from the campaign said "at least half the staff is being eliminated, on top of cuts made after the first quarter -- a level of reductions unheard of this early in a race." McCain may accept public funds that would allow the campaign to borrow $6 million in the near term. Rivals Rudy Giuliani and Mitt Romney haven't released their totals yet but are expected to handily beat McCain. The senator is even getting pressure from Fred Thompson who has targeted McCain's donor base in recent weeks.

The Politico's Jonathan Martin reports that McCain lost his Iowa director and laid off more than half of the campaign team in the state, adding that he "remains fully committed to the caucuses." McCain recently replaced his New Hampshire director and his senior leadership in South Carolina will remain on board.

The other story out of Iowa is the return of Bill Clinton to the campaign trail. The New York Times' Patrick Healy and Adam Nagourney report Mr. Clinton's presence represents a "new and delicate" strategy for Mrs. Clinton who trails John Edwards in Iowa polls Healy and Nagourney write that the Clinton campaign "seemed less than certain about its Iowa strategy this spring" after an internal memo surfaced suggested Clinton skip the state.

On the Republican side, the Wall Street Journal's June Kronholz and Amy Schatz report that the defeat of the Senate immigration bill was an important moment for the conservative blogosphere and talk radio. "By endlessly picking through the evolving immigration legislation, bloggers kept up a steady stream of material for each other and their readers. Talk-radio-show hosts relied on the bloggers for material, but so did voters, who swamped Senate offices with calls and faxes at the urging of conservative Web sites." Blogs and talk radio combined are an "especially potent mix" that helped force the withdrawal of Harriet Miers nomination to the Supreme Court and are currently railing against Democrats who want to bring back the Fairness Doctrine.

In other news, Mitt Romney is the undisputed leader of TV air time thus far, having already bought more than 2,000 ads in Iowa and almost 800 in New Hampshire as of June 10, according to a Nielsen report. Romney has also run ads in South Carolina, Florida, Georgia and Minnesota and plans to expand into New York, North Carolina and Missouri. For the Democrats, Bill Richardson and Chris Dodd have each aired more than 1,500 ads in Iowa and New Hampshire combined. On the Internet, McCain has purchased the most online advertising, though Clinton and Barack Obama are getting the most "buzz" - defined as mentions in blogs and discussion groups. Roughly 46% of that buzz was about Obama and 32% was about Clinton. Obama's Web site has been "visited 647,000 times, compared to 498,000 for Clinton," and his visitors tend to stay for an average of more than six minutes.

Romney is catching grief from some grassroots activists for being on the Marriott hotel chain's board of directors in the 1980s and doing nothing about pay-per-view pornography featured in rooms, reports David Brody.

Turning briefly to '08 Congressional news, three challengers of Senate incumbents posted strong fundraising quarters. Nebraska Attorney General Jon Bruning (R), Minnesota attorney Mike Ciresi (D) and New Hampshire Democrat Katrina Swett -- wife of former Rep. Dick Swett (D-NH) -- all raised about $700,000 for the quarter, reports The Hill's Aaron Blake.

Finally, "in what is sure to stoke retirement rumors," Sen. Thad Cochran (R-MS) raised $275,000 last quarter, or less than half of his first quarter haul. Cochran's campaign denied any fundraising trouble and retirement rumors.

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