Here’s why Iowa’s caucuses, a month away, are so important

Top Democrats hoping for big win, others praying for late surge

January Democratic debate: What you need to know

Democratic White House hopefuls are surging toward the Iowa caucuses Feb. 3, as candidates in the dwindling field hope to score an all-important first victory that could propel them to the nomination.

The caucuses are the Democratic Party’s first nominating contest in the 2020 presidential election. The caucuses, which will be held during the evening, are closed, and candidates must meet a viability threshold of 15% within an individual precinct in order to be considered viable.

Former Vice President Joe Biden, U.S. Sens. Bernie Sanders and Elizabeth Warren; and South Bend, Indiana, Mayor Pete Buttigieg are hoping for an outright Iowa victory. Lower-tier candidates such as Andrew Yang, U.S. Sens. Cory Booker and Amy Klobuchar, and U.S. Rep. Tulsi Gabbard believe an Iowa surge could propel them into top contention.

Only five Democrats have qualified for the party's next debate Jan. 14 in Des Moines: Biden, Sanders, Warren, Klobuchar and Buttigieg. To qualify, candidates must secure 225,000 unique donors and earn 5% in four national party polls or 7% in two party state polls.

»MORE: Democrats who have qualified for January debate

Warren said Friday she raised $21.2 million from October through December, with more than $1.5 million coming on the last day of the year, according to The Associated Press.

Klobuchar raised $11.4 million to close out the year, and Sanders raised more than $34.5 million in the same quarter. Biden took in $22.7 million, while Buttigieg raised $24.7 million. Yang raised $16.5 million.

On Jan. 2, former Housing and Urban Development Secretary Julián Castro became the latest Democrat to drop his White House aspiration. Castro followed U.S. Sen. Kamala Harris in December and former U.S. Rep. Beto O'Rourke in October.

After Iowa, next up for the Democrats is the New Hampshire primary on Feb. 11, followed by the Nevada caucuses on Feb. 22, the South Carolina primary on Feb. 29, and then Super Tuesday on March 3.