WASHINGTON (CNN) -- Former Iowa Gov. Tom Vilsack charged that money has become too influential in the presidential primary process and stressed that his inability to raise enough was the reason he chose to bow out of the race.

"I ran up against something where good ideas, great effort, and lots of hard work was just simply not enough, it is ultimately about money," Vilsack told reporters in a conference call after he made his formal announcement.

Vilsack said he never pinpointed the amount of money he thought was needed to run a competitive campaign, but conceded "tens of millions of dollars" would be required to compete in a new schedule that will likely feature several large states holding their primaries on February 5.

Between Nov. 9, 2006, and the end of the year, Vilsack had raised $1.17 million.

Asked how he thinks the primary process should be changed, Vilsack suggested there should be more incentive for candidates not to opt of out public financing

"If there was a level playing field among those who entered the race, then it would be about ideas, the strength of your ideas and the challenging nature of your ideas, and I think the country and the nation would be better for it," he said.

Though Vilsack expressed confidence of ultimate victory only two days ago at a Democratic forum in Nevada, the Iowa Democrat acknowledged his relatively poor financial situation was an ongoing reality that his campaign had been confronting "for the last several weeks."

Vilsack said he had not given thought to who he might endorse in the Democratic primary or whether he is considered to be a likely vice presidential choice.

"I am not thinking about the future in terms of politics," he said.