McCain, the Arizona Republican who on Wednesday told CBS late-night comic David Letterman that he will make a second run for the White House, will host an "Exchange of Ideas" at the downtown Phoenix Convention Center.
It is McCain's big-money splash in an accelerated election cycle with fundraising pressures so intense that a candidate is expected to need at least $100 million by the end of the year to stay competitive.
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The forum-style event comes at a time when McCain, at one time the presumptive GOP front-runner, is falling behind former New York City Mayor Rudy Giuliani in national polls.
He also is trailing him in the preliminary race for dollars.
According to Federal Election Commission filings, Giuliani reported that his fledgling presidential exploratory committee had $1.3 million by the end of last year, compared with McCain's $565,000.
"They really haven't kicked it into full-gear yet," said Jaime Molera, a Republican political consultant and member of McCain's Arizona finance team. "Now you're really going to see it. You're going to see him start to generate the dollars."
"Preferred seating" for McCain's fundraiser is $2,300 per person. Reserved seating is $1,000 per person. Michael Grant, the former host of Channel 8's Horizon public-affairs program, will moderate.
"This is going to be a significant event for both the campaign and for the state of Arizona," said Danny Diaz, a spokesman for McCain's presidential exploratory committee.
McCain has other fundraising events in the works.
In anticipation of today, McCain's camp on Wednesday revealed his Arizona finance team, a who's who of Valley sports executives, business leaders, political insiders, lobbyists and lawyers. Sen. Jon Kyl, R-Ariz., is chairman.
Nationally, McCain has pursued campaign contributors associated with President Bush's campaigns. His Arizona organization includes Tucson auto dealer Jim Click, a top Bush patron.
"When you look at the people who are on the Arizona finance team, and when you look at the people on our national finance team, these are proven entities who will ensure that we are in a position to build a very effective and robust political organization," Diaz said.
Mitt Romney, a former Massachusetts governor seeking the GOP presidential nomination, also has announced an Arizona finance team. He has scheduled a March 13 fundraiser at a Paradise Valley home.
McCain will hold a fundraiser this morning in Utah, where he has the support of Gov. Jon Huntsman Jr. Romney has a strong base in Utah, where he was head of the 2002 Olympic organizing committee in Salt Lake City.
Expect the high-stakes fundraising frenzy to consume candidates who can't keep up.
"One of the biggest questions right now is whether or not they can raise the money to stay at the poker table," said Bruce Merrill, a political scientist at Arizona State University. "You already saw one guy drop out, and you are going to see others do that as this thing escalates."
Former Iowa Gov. Tom Vilsack cited money issues last month when he withdrew from the Democratic race.
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