Instapundit-approved candidate struggling to raise money.

Ouch:

Fred Thompson will file the first accounting of his potential presidential campaign's fundraising activity with the IRS tomorrow, and will show the enterprise has raised between $3.1 and $3.2 million in June, according to a source familiar with the Thompson operation.

The report will also show the exploratory campaign had about $2.9 million on hand at the end of June, a result of contract terms that enabled the Thompson camp to delay most payments for at least a month.

What the report will not reveal, however, is what happened after the initial burst of activity, when it started to become clear that Thompson would not be announcing his candidacy for president any time soon. Three sources familiar with the finances said donations have slowed significantly, a situation made worse by the staff shake-ups of recent weeks.

They said publicly they were going to raise $5M and came up way short. Not a good start for the next Reagan Bob Dole.