If you’re a politico these are great times.

More Iowa drama today: Biden and Richardson are considering endorsing Senator Barack Obama. No, they’re not dropping out, but they’re playing their cards.

Both Biden and Richardson are competing for a 4th place finish in Iowa: Biden’s RCP average is 5.4%, Richardson’s is 5.2%.

In order to win delegates in Iowa, a candidate must survive the first round elimination to be “viable.” This means that more than 15% of the room needs to support a perticular candidate. This does not bode well for second and third tier candidates, as they’re often less likely to garner enough support in individual precincts.

Reports the Washington Post:

A source close to the Biden campaign described a possible arrangement, now under discussion between the two camps, that could apply to certain precincts where Biden can’t meet the 15 percent viability threshold, but where he is backed by local officials with the clout to move Biden supporters to Obama. In return, Biden could capture some of Obama’s overflow in precincts where the Illinois senator has more than enough support to win.

And reports the Iowa Independent:

Gov. Bill Richardson’s campaign is expected to direct its supporters to caucus for Sen. Barack Obama in the second round of voting at Thursday’s caucuses in precincts where he is not viable. Two sources familiar with the plan told Iowa Independent that the New Mexico governor’s organizers have been instructed to direct supporters to Obama in the places where they have not reached the 15 percent threshold for viability.

But why not endorsements for Edwards or Clinton? Perhaps because they see Edwards as the weaker candidate, and Clinton as too strong to beat in New Hampshire. (If they honestly believe they have a chance.)

However there is no guarantee that either deal will transpire until each candidate publically announces their support.