Aboard the Clinton Dreadnought.

"Hillary Clinton's presidential campaign was designed and built to be a dreadnought, an all-big-gun battleship that would rule the waves without being dented, slowed or thrown off course. But it has been caught off guard by a submarine named Barack Obama, running silent, running deep -- until he surfaced with a spectacular showing in the first round of fund-raising numbers." TIME's political bureau looks in on the Clinton campaign's likely response to the threat of Obama (which reminds me, the first Democratic debate is tonight, 7pm EST, on MSNBC. [Previews: WP | Newsweek | The State | The Times and Democrat]) "Hillary Clinton is also banking on the grueling schedule of debates, which is 'where she will shine,' says a strategist. 'This will be her strongest point. She knows this stuff inside out.' But her team says she is not yet ready to begin challenging Obama directly on his lack of specificity. That's because going on the attack could further boost her negatives and create an opening for Edwards, who has offered far more detailed plans than she has on issues like health care. 'They are worried about both Obama and Edwards,' says an outside adviser. 'They think if Obama flames out, Edwards rises.'"