Romney tops fundraising among GOP; McCain's total disappointing

WASHINGTON — Former Massachusetts Gov. Mitt Romney provided a jolt to the Republican presidential contest Monday, reporting a haul of $23 million in the first three months of the year, as Arizona Sen. John McCain posted a lackluster third-place finish that even his campaign manager called a disappointment.

As campaigns release their first meaningful fundraising figures in what appears certain to become the most expensive presidential campaign in history, McCain's $12.5 million total also put him behind former New York Mayor Rudy Giuliani, who leads the Republican field in public-opinion polls and reported taking in $15 million in the first quarter.

However, the Republicans lag behind Democrat Hillary Rodham Clinton, whose campaign disclosed Sunday that she had $36 million in receipts. The New York senator's first-quarter total includes $10 million she transferred from her 2006 Senate campaign and some money donated for the general election if she wins the primary.

McCain's $12.5 million appeared to be another sign the Arizona senator's campaign is flagging.

"He's now coming to this race a day late and $12 million short," said David King, a professor at Harvard University's John F. Kennedy School of Government.

James Thurber, director of the American University Center for Congressional and Presidential Studies, said the report pushes Romney to the top tier of candidates.

"It's a shock," Thurber said. "Obviously, he's getting lots of people interested in his candidacy and it's not appearing in the press. In terms of the polls, usually they are related to the amount of money you're getting, and he disconfirms that."

Crush of early primaries

Although the first primary votes won't be cast for months, the fundraising totals are viewed as an "invisible primary," a measure of a candidate's ability to draw the financial backing needed to survive an unprecedented crush of early primaries. California, New York and about 18 other states will hold primaries on Feb. 5 or are considering moving them up to that date.

"It's going to be the longest and most expensive presidential race in American history, and these first-quarter numbers are a telltale sign of that," said Michael Toner, former chairman of the Federal Election Commission.

Romney is in single digits in several national polls. Spokesman Kevin Madden said the campaign hoped it could sustain a fundraising edge, noting that Romney would launch a series of community forums today.

Giuliani's first-quarter receipts include about $1 million transferred from his aborted 2000 Senate campaign. He raised another $2 million for his presidential bid in late 2006, so he has brought in a total of $17 million.

Most of Giuliani's donations — more than $10 million — were raised in March alone, according to spokeswoman Maria Comella.

The early disparities in fundraising among Romney, Giuliani and McCain are no prediction of who will win the nomination, said Kenneth Mayer, a political scientist at the University of Wisconsin-Madison. "All three of them are still in the game," he said.

McCain campaign manager Terry Nelson said steps were under way to improve fundraising performance. McCain's campaign reported he had received 60,000 contributions, averaging $200 each.

$100M before primaries

Individuals can contribute up to $2,300 per election or $4,600 for the primary and general election. Candidates are allowed to transfer money from other federal campaign accounts.

Mayer said fundraising in the coming months will be crucial. California and New York are populous states with expensive advertising markets.

"If you don't have $100 million before the primaries, you won't be able to sit at the adults' table," Mayer said.

None of the candidates detailed their expenditures, and only Giuliani disclosed how much money he has available: $11 million.

"The cash-on-hand figure is critical," Toner said. "It reflects the resources they have to fight in the months ahead. The devil is in the details."

Those details will be included in first-quarter financial reports due April 15 to the Federal Election Commission. The FEC requires candidates for president to file reports on their fundraising and spending each quarter.

Other contenders report

Two other Republican contenders also offered initial first-quarter numbers. Kansas Sen. Sam Brownback's campaign said it raised $1.3 million and transferred $575,000 from his Senate campaign. Colorado Rep. Tom Tancredo, who announced his candidacy Monday, told The Associated Press he has raised a little more than $1 million.

Romney's total included an unexpected asterisk: a $2.35 million loan from the candidate himself. In January, the Republican raised $6.5 million on a single day in which he invited his supporters to Boston and asked them to call their professional and social circles for donations.

At that time, the millionaire venture capitalist said "it would be akin to a nightmare" if he donated to his campaign, although he reserved that right. On Monday, a senior adviser said Romney ended up lending the funds as "seed money" for his campaign. The adviser said Romney had done so before making his "nightmare" comment.

Scott Reed, a Republican strategist who is not affiliated with a 2008 campaign, said Romney "cemented his position as a first-tier candidate."

"This reinforces the notion that he can go the distance," Reed said.

Ronald C. Kaufman, a lobbyist who has been advising Romney on his fundraising effort, said the candidate built on a range of connections he has made over his lifetime. He said donors included supporters from Michigan, where Romney's father served as governor; contacts from his career as a management consultant, running the Salt Lake City Olympics in 2002 and serving as Massachusetts governor; as well as fellow Mormons.

"I think he did a really good job of tapping into all those worlds," Kaufman said.

"Money isn't everything"

Early success in fundraising is no guarantee of results at the ballot box. In 1995, then-Sen. Phil Gramm of Texas raised more than $8 million and had $13.5 million on hand at the end of the first quarter of campaigning, but didn't stay in the Republican contest beyond a fifth-place finish in Iowa.

Fergus Cullen, a former Gramm staffer who is now the chairman of the New Hampshire Republican Party, said experience taught him that McCain, a candidate with a formidable campaign organization in the state, should not be counted out.

"I know firsthand that money isn't everything," said Cullen, who is not backing a candidate in the Republican primary. Gramm "had all the money and none of the votes."

Compiled from The Associated Press, USA Today, Chicago Tribune and The Washington Post.