Sen. Barack Obama aired a 30-minute campaign ad Wednesday night.

WASHINGTON (CNN) – Sen. Barack Obama's 30-minute TV ad, which ran simultaneously on broadcast and cable networks at 8 p.m. ET Wednesday, is muscle-flexing that has little precedent, a campaign advertising expert said.

"It's evidence, if you needed any, that the Obama campaign has more money than there is ad time left to buy," said Evan Tracey, director of the Campaign Media Analysis Group. "This is flexing the muscles."

Tracey estimates that it will cost the campaign "in the $4 to 5 million range — at a minimum, $3.5 million."

But, he said, spending the money is a "no-brainer" for the Democratic presidential hopeful.

"The strategic brilliance of this for Obama is that he is going to consume about 24 hours of the news cycle," Tracey said. "It boxes [John] McCain in, takes the oxygen out of the room."

In the carefully produced infomercial, Obama laid out his plans for the economy and for bringing an end to the war in Iraq.

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Obama's 30-minute ad will air tonight on broadcast and cable networks.

WASHINGTON (CNN) – Barack Obama plans to run a 30-minute television ad
simultaneously across almost all the broadcast and cable networks Wednesday
night — a "muscle flex" that has little precedent in modern politics, campaign
advertising expert Evan Tracey said.

"It's evidence, if you needed any, that the Obama campaign has more money
than there is ad time left to buy," said Tracey, director of the Campaign Media
Analysis Group (CMAG).

Tracey estimates that it will probably cost the campaign "in the $4-5
million range — at a minimum, $3.5 million."

But, he said, spending the money is a "no-brainer" for the Democratic presidential hopeful.

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Rangel is not resigning.

WASHINGTON (CNN) — Rep. Charles Rangel, a New York Democrat, said Tuesday he would not step down as chairman of the powerful House Ways and Means committee in the face of calls from the Republican leader in the House for him to resign.

Rangel has been under fire for failing to report income from a rental property he owns in the Dominican Republic. He admitted Tuesday he had not paid tax on the income, but said it was a mistake and that he would pay whatever back taxes he owes.

The 2008 GOP Ticket

ST. PAUL, Minnesota (CNN) – Republican National Committee co-chair Jo
Ann Davidson mistakenly referred to the party's presumptive vice-presidential candidate, Sarah Palin, as "Sarah Pawlenty" at the Republican National Convention Tuesday.

Palin, the governor of Alaska, was a surprise choice to join Sen. John McCain on the Republican ticket. Minnesota Gov. Tim Pawlenty had been considered one of the front-runners for the slot.

Obama will accept his party's nomination at Invesco field, home of the Denver Broncos.

WASHINGTON (CNN) — Barack Obama will give his main speech of the Democratic National Convention at a 75,000-seat stadium rather than the 20,000-seat hall where the convention is taking place, convention organizers announced Monday.

Obama will accept the Democratic nomination for president at Denver's Invesco Field at Mile High on August 28.

The move is likely to put him in front of a much larger audience than normal for a political speech, even for a presidential nominee.

Democratic Party Chairman Howard Dean said Monday he did not know how much the move would add to the cost of the convention. Anita Dunn, a senior advisor to the Obama campaign, said Obama would help with fund-raising for the event.

Dean on Sunday rejected a newspaper report that the convention was over budget and facing "upwardly spiraling costs."

He issued a statement in which he said "that is false" five times in response to five claims in a New York Times article about convention planning, and he insisted again on Monday that convention planning is on track.

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Obama is reacting to the latest developments in Zimbabwe.

WASHINGTON (CNN) — Democratic presidential candidate Barack Obama said Tuesday that the Robert Mugabe government of Zimbabwe is "illegitimate and lacks any credibility," and said the United States should tighten sanctions against it.

Obama said he had spoken with opposition leader Morgan Tsvangirai, who has said he will not participate in a run-off election against Mugabe, scheduled for June 27, because of violence against him and his supporters.

"I have spoken with MDC Leader Morgan Tsvangirai to share my deep concern for the way his supporters are being targeted by the regime, and to express my admiration for his efforts to ensure that the will of the Zimbabwean people is finally respected," Obama said in a written statement.

"The Zimbabwean government's campaign of repression and brutality has made it impossible for the June 27 elections to be free and fair," Obama said, echoing a position taken by the United Nations on Monday.

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WASHINGTON (CNN) — Democratic presidential candidate Barack Obama and his defeated rival Sen. Hillary Clinton Monday announced the location for their first joint appearance — the town of Unity, New Hampshire.

As if the town's name didn't make the message clear enough, the Obama campaign pointed out in announcing the event that the two candidates got the same number of votes when New Hampshire held its primary in January, 107 each.

The Obama campaign calls the event a "Unite for Change Rally."

Jim Johnson is no longer involved in Obama's VP search.

WASHINGTON (CNN) — A key member of Barack Obama's vice-presidential search team, James Johnson, is stepping down after criticism over a mortgage he received, the Obama campaign said.

"Jim did not want to distract in any way from the very important task of gathering information about my vice presidential nominee, so he has made a decision to step aside that I accept," the presumptive Democratic presidential nominee said in a statement.

Republicans had been hammering Johnson since the Wall Street Journal reported Saturday that he received a good deal on a mortgage from Countrywide due to his friendship with the company's CEO Angelo Mozilo. Obama has criticized Countrywide in connection with the subprime mortgage crisis.

WATCH Obama defend Johnson Tuesday

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