Mark Halperin’s latest edition of TIME’s “The Big Questions” examines Michele Bachmann’s chances of winning the Republican presidential nomination.

Does she have a shot at the nomination? Not a great shot but a real one. If Tim Pawlenty fails to catch fire, Jon Huntsman flames out and Rick Perry and Palin take a pass, Bachmann can win the Iowa caucuses and head into a one-on-one matchup with front runner Mitt Romney. She may also benefit from being the only woman in a testosterone-fueled field. Unlike previous insurgents who fell short (Pat Buchanan, Mike Huckabee), Bachmann is a formidable fundraiser who should be able to buy plenty of TV airtime to go with an energized ground game.