Rep. Peter King (R., N.Y.) won’t be running for U.S. Senate against incumbent Sen. Kirsten Gillibrand (D., N.Y.) this year. While King admits that the “political situation has changed dramatically in the Republicans’ favor” since he first announced that he probably wouldn’t seek the seat in September, he says that fundraising concerns and a possible chance at being chairman of the House Homeland Security Committee next year — should the GOP win back the House — were enough to make him drop the idea. King’s been in Congress for more than 17 years and says he hopes to be re-elected to his House seat come November.