Sen. John McCain of Arizona and former Arkansas Gov. Mike Huckabee are in a close race for first in South Carolina, according to exit polls.
Former Tennessee Sen. Fred Thompson and former Massachusetts Gov. Mitt Romney are vying for third place in the pivotal Republican primary.

Results from the GOP primary come just hours after the Nevada caucuses.

Sen. Hillary Clinton won Nevada's Democratic caucuses and Romney claimed victory on the Republican side, according to CNN projections.

USA Today reports Rep. Tom Tancredo, "who built his longshot presidential campaign on opposition to illegal immigration, dropped out Thursday and endorsed Republican rival Mitt Romney as the best man to carry on the fight." Tancredo "said he decided to drop out in part because of concern that staying in could split the vote for other candidates who have taken a hard line on immigration, helping those who would take a less restrictive approach." Tancredo "identified former Arkansas Gov. Mike Huckabee and Arizona Sen.

Republican presidential candidate Tom Tancredo plans to drop out of the race during an announcement Thursday afternoon in Des Moines, Iowa, GOP sources close to the campaign have told FOX News.

Tancredo, who has aggressively pushed his anti-illegal immigration message throughout the GOP primary race, has not been able to break through in the polls against his better known competitors. He and California Rep. Duncan Hunter typically poll in the single digits behind Texas Rep. Ron Paul in national surveys.

Dozens of donors are nearing the $108,200 cap on federal campaign contributions for the 2008 elections in a sign of the record-breaking cost of the White House race, an analysis conducted for USA TODAY shows.

A total of 113 people have donated at least two-thirds of the amount they can give legally to all federal candidates, parties and political action committees with a year to go in what will be the most expensive presidential race, according to research by the non-partisan Center for Responsive Politics.

Democrat Hillary Rodham Clinton has pulled ahead of rival Barack Obama at the bank as well as in the polls and both continue to crush Republicans in the money race.

Clinton holds nearly $35 million three months before the voting starts, to Obama's $32 million.

The Republican money leader, Rudy Giuliani, reported $11.6 million in the bank for the primaries.

Clinton, who had trailed Obama in fundraising and in money in the bank at the end of June, edged past him with an aggressive third quarter of fundraising.

Iowa's first-in-the-nation caucus is looking more and more like a last chance for the Democrats seeking to halt Sen. Hillary Clinton's march to the party's nomination.

"Anybody who loses Iowa will have an uphill battle from that point forward," said John Edwards, the former North Carolina senator, after talking to voters gathered in a lumber shed in this tiny northeast Iowa town. "It applies to any of us."

Sen. Hillary Clinton raised $27 million in the third quarter for her 2008 Democratic bid for the White House, a Clinton aide said Tuesday.

All but $5 million of Clinton's funds can be spent trying to win the Democratic presidential nomination in the primaries, the aide said.

More than 100,000 new donors contributed to the New York Democrat, the aide said.

Clinton outpaced Sen. Barack Obama over the last three months, a reversal of positions from the second quarter.

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Democratic presidential candidates pounced on rival Hillary Clinton for her positions on Iraq and Iran in a debate on Wednesday as they sought to undercut her status as the campaign front-runner.

Former North Carolina Sen. John Edwards, a distant third place in most national polls and needing a breakthrough performance, led the attack against Clinton on the campus at Dartmouth College.