ABC Exclusive: McCain Begins Preliminary White House Run

His party may have taken "a thumpin'," in the words of President Bush, but ABC News has learned that Sen. John McCain, R-Ariz., and his political team have decided it's full steam ahead for his 2008 presidential campaign. Although no absolute, final decision has been made, sources close to McCain say on Wednesday in Phoenix, he and a half dozen of his top aides huddled and decided to proceed more formally with his quest for the White House.

A presidential exploratory committee will be set up this month — perhaps as early as next week.

McCain's official, final decision will likely not come until after the Christmas holidays, when he will talk to his wife, Cindy, and his children.

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