First Read reports:

McCain is setting up a PAC, which some are seeing as a first step for McCain in running for re-election in 2010. And/but sources tell Roll Call that McCain has made clear his intention to run for re-election when his Senate term is up in 2010. "McCain, 72, announced the decision during a meeting Tuesday evening with top ally Sen. Lindsey Graham (R-S.C.), advisers Rick Davis, Charlie Black, Carla Eudy and other aides."

Yglesias is slightly puzzled.

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