On the heels of reports of a very disappointing second quarter fund raising effort, there are reports that he is considering accepting federal matching funds to make up for the shortfall:

A second consecutive disappointing fundraising quarter is leading the campaign of Sen. John McCain (R-Ariz.) to consider accepting federal matching funds in the primary, campaign manager Terry Nelson told reporters Monday.

â€œIncorrect assumptions,â€ unpopular political stances and a tough fundraising environment were responsible for McCainâ€™s second-quarter total of $11.2 million, the campaign said. That total is below an already disappointing first quarter, in which the senator raised $13.6 million.

Whatâ€™s more, McCain only has $2 million cash on hand.

Perhaps more painfully, reports came out just before a conference call Monday with reporters that the McCain campaign will lay off about 50 staff members.

Nelson said during the conference call that the campaign incorrectly assumed it would be able to raise $100 million for the primary. Thus far, McCain has raised only $24 million and spent most of it.