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Sen. Evan Bayh (D-Ind.) says he’s not running for President, saying the odds of winning were too great to overcome.

From the AP:

“The odds were always going to be very long for a relatively unknown candidate like myself, a little bit like David and Goliath,” Bayh said in the statement. He added that beyond the question of “whether there were too many Goliaths or whether I’m just not the right David,” his chances were slim.

Bayh had been a favorite among a handful of Hollywood supporters, and there had been some speculation that he would fill the hole with the departure from the race of centrist Mark Warner, who considered running but declined to several weeks ago. Among those who have contributed to Bayh’s All America PAC in the last two years are National Assn. of Theater Owners chairman John Fithian, Classic Media’s Robert Friedman and Emmis Communications’ Jeffrey Smulyan.

But Bayh was overshadowed by Barack Obama on a vist to New Hampshire last weekend, and apparently felt that he wouldn’t be able to emerge from what looks to be a crowded field of contenders.