WASHINGTON -- Sen. John McCain, whose presidential bid was snuffed out two weeks ago by President-elect Barack Obama, is setting up a political action committee as a first step in running for a fifth term in the Senate.

A McCain spokesperson said the 72-year-old senator decided with his senior advisors Tuesday night to set up the fundraising PAC. The spokesperson spoke anonymously because the decision had not yet been made public.

McCain's term ends in 2010.

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