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Patricia Madrid holds hands with her son Giancarlo Messina after conceding New Mexico's 1st Congressional District seat to Heather Wilson this morning. John Wertheim, chair of the state Democratic Committee, speaks at the podium with supporters holding signs in the background.

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The tattered and a bit muddy "Madrid for Congress" sign hung on the wall of Democratic Party headquarters as Patricia Madrid this morning conceded the 1st Congressional District race to U.S. Rep. Heather Wilson.

But that plastic banner could soon say "Madrid For Something Else."

During her concession speech, Madrid hinted she might run for governor or the U.S. Senate after leaving the Attorney General's Office she has run for eight years. Her term ends in December.

"Whatever I do, if I look at it, will very likely be a statewide race," she said.

"Certainly, I don't ever want to run for attorney general again, because I don't believe in going backwards in your life," Madrid said. "But there are only two statewide races that I think would be higher and that's, of course, governor and Senate."

Asked whether voters can expect to see her on a ticket in 2010 with Lt. Gov. Diane Denish, Madrid replied: "I won't say in what order."

Madrid, whose supporters moaned when she conceded, also said she expects to be involved in the presidential race. She ran John Edwards' campaign in New Mexico and said she'd participate in 2008, should he run.

Madrid waited almost two weeks after Election Day to comment in public - and finally concede the race.

Results from Bernalillo County were finalized Monday, giving Wilson an 875 vote victory - or a margin of less than one-half of 1 percent.

Madrid said it sank in an hour before the news conference that she didn't have the money for a recount.

Her campaign estimated it would cost at least $300,000 for a recount.

Madrid also attributed her loss, in part, to being outspent.

"That buys a daily barrage of negative advertising to your mailbox, daily on the television. Go back and look at how much more television she had than I did, how much more mail-outs she did, how much more field operation is funded. It simply comes back to money."

Wilson through Oct. 18 spent $3.7 million to Madrid's $2.5 million on the race, according to campaign finance reports filed shortly before the election.

Through Oct. 18, political action committees gave Wilson $1.6 million and $540,000 to Madrid.

What could Madrid have done better?

"Started earlier, raised more money, not been so timid on my last debate," she said. "I think I did well in my first debate, but I don't think that was the defining moment."

Madrid has bemoaned the level of negative spending and the sour tone the campaign took.

While a recount is out, Democratic Party Chairman John Wertheim said the party may request a hand tally of 2 percent of the precincts in Bernalillo County to test the accuracy of the paper ballot system used for the first time this year.

He estimated that cost at between $30,000 and $50,000.

Madrid said she's looking forward to some time off and relaxing with her family.

"I think this has been the toughest race in the history of this state," she said. "I don't think there's any political person, not the governor, not (Sen. Pete) Domenici that have been through what I've been through."

At the news conference, she thanked the supporters who labored for her campaign - the closest a Democrat has come to unseating Wilson, who was elected in 1998.

"The hardest thing in politics is being able to thank so many people, the love, the people walking, calling, giving, I can't send that many Christmas cards."