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Analysis: Is Iowa Really Important?

By Larry Kane

PHILADELPHIA (CBS) - You've heard it before; Iowa is a small state with no clout. However, whether Iowa matters or not depends on the year. The fact is that Barack Obama's upset win in Iowa four years ago made him a serious contender. The highest stakes this year are for Mitt Romney. He lost Iowa in 2008 and found it difficult to recover, especially in the South.

Ironically, there is a democratic race there Tuesday night and the Obama campaign, wary of challenges in November, is trying to rally the base even though there is no competition.

Tuesday night watch to see which arch conservative is left. This could be Michelle Bachmann's last stand. For Pennsylvania's Rick Santorum it's a chance to win first, second or third and dismiss pundits who claim that his 99 county campaign has not worked.

Newt Gingrich is expected to lose badly but he'll stay in to fight again in the South. So, going back to the question, 'Is Iowa important?' Depends on who gets the votes and how they spin victory or defeat.

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