Democratic Senators Christopher Dodd and Byron Dorgan to retire

Word of Dodd's retirement came hours after North Dakota Democrat Byron L. Dorgan, 67, announced he would not run for reelection. Republicans stand a good chance of taking Dorgan's seat, but Dodd's could stay with the Democrats. Although Dodd was personally unpopular, President Obama won Connecticut handily in 2008.

Dodd was expected to make an announcement today. The officials who disclosed his plans would speak only on condition of anonymity. The Washington Post first reported his decision on its website.

Dodd, 65, is chairman of the Senate Banking Committee, which was at the center of efforts to deal with the economic meltdown. He also has played a prominent role in the healthcare debate.

Dodd has taken heat for a discounted VIP mortgage loan he got from a subprime lender and has consistently trailed potential GOP challenger Rob Simmons in Connecticut polls. Simmons, a former House member, has his own challenger in World Wrestling Entertainment co-founder Linda McMahon, who is also seeking the Republican nomination for Dodd's seat.