"the Establishment Always Wins"

Rival candidates are pushing to raise tens of millions of dollars early on, but Biden is sticking to his strategy of raising $20 million by the Jan. 14 Iowa caucuses.

He then will count on his ability to exceed expectations in Iowa and the New Hampshire primary on Jan. 22 to give him momentum into February.

The Biden camp likes to think of the experience of former presidential candidate Sen. John Kerry in 2004. Though former Vermont Gov. Howard Dean was better funded going into the caucus, Kerry's momentum following his Iowa win was enough to overcome all of Dean's spending, said Biden's campaign manager, Luis Navarro.