Dick Gephardt's money-raising campaign is falling short:

Presidential candidate Dick Gephardt fell short of his fund-raising goal by more than $1 million, raising questions Tuesday about his ability to excite Democratic donors and remain a top-tier candidate.

The former House Minority leader, who hoped to raise $5 million from April to June, collected just $3.87 million — apparently placing him in a distant fifth-place among the nine Democratic contenders.

Gephardt is a guy with lots of time in Washington, is unbeatable in his Missouri district (he's held the seat since I was in grade school), is a former House minority (and majority) leader, and has run for President before, in 1988. He has the contacts, he has the power base, he has the experience.

So why is he falling behind national neophytes like Howard Dean?

Best guess: He's too old school.

Gephardt's brand of Democratic politics play well in his partly-urban, heavily unionized district. But in a nation where the steel and auto industries don't count like they used to, and where union politics (except for government-employee unions) have been on the wane for a generation, it's hard for someone like Gephardt to make a play for national office.

Secretary of Labor? Sure. Or even the Commerce Department. His experience, leanings, and connections make him a natural for either of those posts under a Democratic President. But that Democratic President, it now seems, will never be Dick Gephardt. While he narrowly leads in the Iowa polls, New Hampshire voters aren't likely to take to him like they will to Dean or John Kerry.

And with less money than either of them, there's little chance of overcoming his weakness in the Granite State.

Then there's this, which speaks to the broader campaign:

Gephardt aides pledged to retool their fund-raising tactics as part of a broader reassessment of his campaign strategies. Privately the candidate was reassuring party officials as personnel changes were in the works at the campaign's finance operation. Last week, fearing his political strength would be questioned with release of the money figure, Gephardt shifted his message to increase attacks on Democratic rivals.

The party out of power usually succumbs to eating its own in the primary race. Think of the Democrats in 1984 or '88, or the Republicans in 1996. Independence Day was almost two weeks ago, but the real fireworks haven't yet begun.