Former Vice President Joe Biden, who has long been viewed as the frontrunner for the 2020 Democratic presidential nomination, sits at a distant fourth in the Iowa caucuses as the votes continue to be counted in the Hawkeye State.

CNN contributor David Axelrod, who served as both a campaign strategist and Senior Advisor to former President Barack Obama, thinks the campaign of Obama’s VP is doomed.

“Biden has a big problem,” Axelrod said on CNN Tuesday. “The big problem he has is not only the deficiencies he showed in his appeal, but he is dead broke and he needs to raise money and it’s hard to raise money off an anemic fourth place finish.”

Fmr Obama Senior Advisor David Axelrod: “Biden has a big problem. He has a big problem” pic.twitter.com/G0enadFer8 — Steve Guest (@SteveGuest) February 4, 2020

Axelrod says Biden needs to ramp up his campaign before it’s too late. “He needs to revive himself in New Hampshire or this firewall that everybody talks about in South Carolina might not be there for him,” Axelrod added.

While campaigning in New Hampshire on Wednesday, Biden admitted that he suffered a big defeat in Iowa. “I’m not going to sugarcoat it. We took a gut punch in Iowa,” Biden said. “The whole process took a gut punch. But look this isn’t the first time in my life I’ve been knocked down.”