Morning Must Reads: September 22

September 22, 2015 8:01 AM EDT

Wisconsin Gov. Scott Walker’s unexpectedly swift exit from the race Monday afternoon sets up a mad rush by his remaining rivals to secure his donors, endorsers, and staff. But first, let’s reflect on the lessons of his monumental collapse:

Super PAC’s can only do so much. Without a compelling candidate—and at least some fiscal discipline—campaigns may find it even more difficult to compete in the era of unlimited money to outside spending groups.

Months before Walker entered the race, his top aides said they planned to run a slow-and-steady campaign, based around organic growth achieved introducing their candidate to new voters. Instead, at the first sign of movement in Iowa, they rushed to position their candidate as a front-runner. Contrast this approach to Sen. Marco Rubio, who has stayed on a consistent course through ups and downs.

Expectations matter. Walker declared himself the front-runner in the race in March, months before even officially declaring as a candidate. He’d never be able to maintain that all the way through the cycle, and only heightened the damage his eventual loss of support caused.

Candidates matter: The front-runner line was the sort of undisciplined comment that came to define Walker’s campaign. His pre-candidacy and two-month bid was littered with dust-ups over Obama’s faith, his belief in evolution, and building a wall on the U.S.’s northern border. He was late to prepare for the foreign policy issues that distinguish governing the nation from leading a midwestern state, and seemed incapable of articulating a consistent message on those issues.

Donald Trump didn’t help, but he also didn’t take down Walker: Walker struggled to gain attention as Trump’s rose to the top of the polls this summer by trying to appeal to voters’ anger. It was a message unfit for the messenger, highlighting the danger Trump’s rivals face as they seek to challenge him.

Already Walker’s supporters are trotting out low-level endorsement shifts, but the real action is taking place on finance calls and in meeting rooms across the country, as cash-strapped campaigns seek to win over the ex-candidate’s backers before next week’s third quarter financial reporting deadline. The Sept. 30 numbers, to be reported two weeks later, will provide the first real look at just how big and expensive some of these campaign operations are—and just how prepared they are to go the distance. Look for some other candidates to face pressure to hit the exits if they show high burn rates.

Happening today: Jeb Bush will call for new reforms to rein in federal regulatory authority, particularly those established under the Dodd-Frank Wall Street reform bill and instituted by the Environmental Protection Agency. Hillary Clinton is continuing her discussion of healthcare reform, calling for the strengthening of the Affordable Care Act and highlighting expensive prescription drugs.

The controversy over some 2016er comments on Muslims is continuing, with few in the GOP seeking to cool the rhetoric. Vice President Joe Biden seems to pour cold water on presidential talk. And 2016 candidates hit the late night circuit.

Here are your must-reads:

Must Reads

Behind Scott Walker’s Decision To Drop Out
A shortage of money and support sends the one-time self-proclaimed frontrunner running for the exits [TIME]

Biden Says He ‘May Not Get There’ on White House Run
The VP pours cold water on speculation he is about to enter presidential race [TIME]

Clinton and Sanders Offer Competing Visions of Health Care
TIME’s Sam Frizell reports on their differing approaches to the Affordable Care Act

Is Jeb Bush Ready to Embrace his Last Name?
In recent days he’s grown more comfortable calling himself a Bush [Washington Post]

Without Calming Voice, G.O.P. Is Letting Divisive Ones Speak on Muslims
Carson and Trump rhetoric goes largely unanswered [New York Times]

Sound Off

“As my brother would say, misunderappreciated.” — Jeb Bush at a town hall Monday, saying he is being overlooked by some voters

“We went from losing market share to gaining market share…By the time I left, we were the leader in every market segment, every product category and grown to 160,000 jobs. I will run on that track record all day long.” — Carly Fiorina talks up her business record on The Tonight Show—a record many in her own party will be quick to point out wasn’t so rosy

Bits and Bites

Republican Candidates Bid Walker Farewell With Praise [TIME]

Donald Trump Invited Twitter to #AskTrump Anything and Here’s What Happened [TIME]

Paul Ryan to Moderate Candidate Forum [TIME]

American Rents Are Too High, Report Finds [TIME]

Trump Trolls Jeb Bush for Smoking Marijuana as a Teen [TIME]

The First Time a Pope Visited the U.S. Was Much More Complicated [TIME]

Grassley Blasts FBI Over Clinton Emails [Politico]

Kathleen Kane, Pennsylvania Attorney General, Is Suspended From Practicing Law [New York Times]

Kendall Jenner Presents: A Brief History of Suffragettes [IJ.com]

The Beginning of the End For Scott Walker? What It’s Like To Close Up Shop [IJ.com]

Carly Fiorina Sings A Song On “Tonight Show” [BuzzFeed]

Ted Cruz, Stephen Colbert go back and forth over Ronald Reagan, gay marriage [Washington Post]

Sanders Takes Part in ‘Soul-Food Sit-Down’ on Comedy Central [Washington Post]

More Must-Reads from TIME