Candidates could spend a total of $1 billion to run for president in 2008. Former Democratic Party Chairman Terry McAuliffe says that this time, candidates can't be taken seriously unless they have serious money.

Even after Congress passed a law limiting certain campaign contributions, there's more money in the system than ever. We've reached one of the best in the business at asking for money — and getting yes for an answer.

McAuliffe, Hillary Clinton's presidential campaign chairman, was the party's top fundraiser when Bill Clinton was president. With the accelerated primary calendar, McAuliffe tells Renee Montagne, the race for the parties' nomination could be over by next February. Candidates will have to raise at least $35 million this year to be in the game, he says.

McAuliffe is the author of What a Party!, a book about his life in politics.

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