Bayh is out:

Indiana Sen. Evan Bayh will not seek the Democratic nomination for president in 2008, FOX News has learned.

Bayh made the decision depsite having made several visits to test states like Iowa and New Hampshire, and raising millions of dollars toward a possible White House run.

Bayh is in the middle of his second term in the Senate, and serves on five committees: Banking Housing and Urban Affairs, on which he is the Ranking Member of the Subcommittee on International Trade and Finance; Armed Services; the Select Committee on Intelligence; the Special Committee on Aging; and, the Small Business Committee.

Before his election to the Senate, Bayh served two terms as governor of Indiana.