The caucuses are finally here: We are now just hours away from the first-in-the-nation presidential nominating contest! According to the Des Moines Register, 115,000 to 120,000 Republicans are expected to cast their ballots tonight as GOP voters finally have their say on which candidate should take on President Barack Obama in the general election. The caucuses begin at 7 p.m. local time and results are expected to come in within the hour.

Polls show Iowa is three-way race: According to the latest polls, the Iowa caucuses are essentially a three-way race between Mitt Romney, Ron Paul and Rick Santorum.

Romney predicts Iowa victory: On the eve of the Iowa caucuses, Mitt Romney said he already knew who would win the state: himself. Romney declared, "We’re going to win this thing”

Handicapping the Iowa caucuses: The Fix's Chris Cillizza has set the odds for the Republican presidential candidates winning Iowa. Here, in order of the highest-to-lowest odds, is how The Fix sees the Iowa presidential contenders: Mitt Romney (1-1), Rick Santorum (4-1), Ron Paul (5-1), Newt Gingrich (20-1), Rick Perry (25-1) and Michele Bachmann (50-1).

Gingrich concedes defeat in Iowa, then admits mistake: Mindful that his surge has now gone south, Newt Gingrich told reporters on Monday that he did not think he would win Iowa. Perhaps realizing that Iowa voters probably don't want to cast their ballot for a losing candidate, Gingrich admitted to a crowd of supporters that it was a mistake to actually say that aloud.

Paul does not see himself as president: Ron Paul is one of the frontrunner to win Iowa, yet the Republican presidential candidate says he still does not see himself in the White House. When asked during an interview with ABC News whether he envisioned himself as President of the United States, Paul was quite candid, answering, "Not really, but I think it's a possibility."

Santorum backtracks on Romney endorsement: Remember in 2008 when Rick Santorum endorsed Mitt Romney? Yeah...kind of awkward now that he's running against Romney, right? But not to worry; he's got a good explanation for why he endorsed Romney four years ago. ""I admit it, I settled," Santorum said when pressed about the matter. So that settles it.

Gaffe of the Day: After it was made into an issue during the 2008 presidential campaign, you would think that everyone would know that the "Bridge to Nowhere" was in Alaska. Well...everyone probably does, except, of course, our favorite gaffe-prone presidential candidate Rick Perry! During a campaign appearance in Iowa, Perry referred to it as "the Bridge to Nowhere in Arizona." Either there really is another bridge to nowhere, or Rick Perry had himself another "oops!" moment.

Video of the Day: With all the attention placed on Iowa's conservative voters as of late, one Iowan takes the time to explain that his state is actually quite liberal (thank you very much!). Check it out: