Indiana Sen. Evan Bayh will not seek the Democratic nomination for president in 2008, FOX News has learned.

Bayh made the decision depsite having made several visits to test states like Iowa and New Hampshire, and raising millions of dollars toward a possible White House run.

FOX News has learned that Bayh raised more than $10 million, making him compettive with other top possible Democratic presidential candidates like New York Sen. Hillary Clinton and Massachusetts Sen. John Kerry. However, future fundraising considerations may have been a factor as it is believed that Clinton will get a large share of financial support from party backers in 2007.

Personality issues may have been a concern as well as some insiders told FOX News that Bayh showed very little "fire in the belly" as a presidential prospect. Some of his supporters have acknowledged that his relaxed demeanor and calm tone lacked presidential charisma, even though Bayh has been re-elected by large margins in a red state over the past 20 years.

Bayh is in the middle of his second term in the Senate, and serves on five committees: Banking Housing and Urban Affairs, on which he is the Ranking Member of the Subcommittee on International Trade and Finance; Armed Services; the Select Committee on Intelligence; the Special Committee on Aging; and, the Small Business Committee.

A self -proclaimed security democrat, Bayh is the second high-profile moderate to remove his name from consideration for the 2008 presidential nomination after former Virginia Gov. Mark Warner announced his decision not to enter the race due to family reasons earlier this year.

Before his election to the Senate, Bayh served two terms as governor of Indiana.

Carl Cameron currently serves as Fox News Channel's (FNC) Washington-based chief political correspondent. He joined FNC in 1996 as a correspondent.