I don’t want to break any hearts here but suddenly the chances that we might live to see Attorney General Lindsey Graham seem very bleak indeed.

I want an iPhone but I’ll take this.

Republican John McCain reorganized his campaign Monday, cutting staff in every department as he raised just $11.2 million in the last three months and reported an abysmal $2 million cash on hand for his presidential bid…

Some 50 staffers or more are being let go, and senior aides will be subject to pay cuts as the Arizona senator bows to six months of subpar fundraising, according to officials with knowledge of the details of the shake up.

They had hoped to raise $100 million for the year, says his campaign manager … who’ll now, according to Byron York, be working without pay. Your quote of the day comes from McCain advisor John Weaver commenting on the impact of the amnesty bill: “We do know that it had a significant effect in this last quarter. We’re very proud of John taking a leadership role in this … but we wouldn’t be straight with you if we told you that it didn’t have an impact. Having said that, that debate is now over … but it did have an impact.”

Steyn’s been hearing from “ostensibly well-informed” readers that McCain will drop out within the next few days. Obviously untrue or else he wouldn’t have bothered to reduce his staff, but it does give us our exit question: When? The McCain Campaign Death Poll is now open for business.

Update: Patrick Ruffini says it’s time for John boy to say good night: “Friends, this campaign is officially over. There is no way we are going to nominate someone who has to take public funding to take on Hillary Clinton or Barack Obama ($90M COH between them).” And David Freddoso adds the final delicious indignity:

McCain’s futures contract has plummeted in just one week from around $12 to below $6 at InTrade.com. The contract, which can be redeemed for $100 if McCain gets the nomination (and is worthless if he does not), once sold for nearly $60. By this measure, he trails Giuliani and Thompson, who trade above $33, and Romney at $20. Rep. Ron Paul of Texas is now close behind McCain at $3.