Politico's Jonathan Martin reports Arizona Senator John McCain will report raising about $5 million this quarter, though his money hemorrhaging hasn't totally stopped. The campaign will still show more than $2 million in debt.

So, when McCain floated that trial balloon about accepting federal matching funds, it looks like he may have been serious. But if he abides by spending caps, while he will be outspent in Iowa and New Hampshire, his grassroots skills, especially in the Granite State, could keep him competitive in a state that still swoons every time he shows up.