With $26 million, Clinton holds huge lead in early fundraising

Setting a high bar for other presidential candidates, Sen. Hillary Rodham Clinton raised $26 million in the year's first quarter, nearly matching the combined sum collected by all Democratic hopefuls in the same period four years ago, her campaign announced Sunday.

Former North Carolina Sen. John Edwards, among Clinton's rivals for the Democratic nomination, raised $14 million in the first three months of 2007, almost double what he raised in the equivalent period in his first presidential run four years ago, his aides said.

Sen. Barack Obama, D-Ill., the Democratic candidate who has been running second to Clinton in opinion polls, has not yet disclosed his preliminary take. Nor have the Republican hopefuls.

The ability to raise substantial sums at the start of the year is often considered the first true challenge for each of the campaigns, and is known as the invisible primary.

That test is even more important now that voters are likely to choose a nominee early in 2008 with a new schedule of primaries bunched together Feb. 5.

Even so-called second-tier Democratic candidates are raising hefty sums.

New Mexico Gov. Bill Richardson raised $6 million in the first quarter, said Pahl Shipley, Richardson's communications director.

Other Democrats include Sen. Christopher Dodd, D-Conn., who raised $4 million in the first quarter; and Sen. Joe Biden, D-Del., who raised $3 million, their campaigns said.

As Clinton capped a frantic dash for money that began in January, she displayed confidence by announcing her haul first.

She raised the $26 million in the 10 weeks since she officially launched her campaign and transferred an additional $10 million left from her 2006 Senate re-election campaign account, pushing her total receipts to $36 million.

"We've shattered all records," said Terry McAuliffe, Clinton's campaign chairman, adding that the campaign's early total "shows tremendous momentum" heading into the coming months.

Clinton's campaign publicly had set a goal of raising $15 million for the first quarter and $75 million for the year, though Clinton backers privately have said they hope to raise $100 million in 2007.

"I'm impressed," said Anthony Corrado, a presidential-campaign-finance expert and political scientist at Colby College in Maine.

"Bringing in $26 million in the course of 12 weeks is clearly an indication that Sen. Clinton is showing the fundraising strength most observers expected she would have," he said.

The Democrats' combined numbers — exceeding $50 million, with Obama not yet reporting — show the intensity of the 2008 campaign and speak to the party's hunger to reclaim the White House.

That intensity also is reflected by unusually large crowds that candidates have drawn in Iowa, New Hampshire, Nevada, California and other early-voting states.

The numbers underscore the rising cost of campaigns. Candidates are raising money not just for the January caucuses and primaries in Iowa, New Hampshire and elsewhere, but for primary fights in California and as many as 23 other states that could hold primaries Feb. 5, 2008.

In another cost-driver, Clinton, Edwards and other top-tier candidates are raising money simultaneously for the primary and general elections — an important distinction.

Federal law bars candidates from using money raised for the general election to pay costs associated with the primaries.

Clinton's aides said they are still tabulating the fundraising haul and could not specify the amount she has raised for the primary and for the general.

Edwards' deputy campaign manager, Jonathan Prince, said all but about $1 million of Edwards' $14 million is earmarked for the primary.

"It will be very important to analyze the distribution between primary and general-election money," said Michael Toner, a Washington attorney and former chairman of the Federal Election Commission.

"General-election money is not nearly as valuable as primary money at this stage," he said.

The 2008 battle is the first in which most candidates are actively seeking money for the primary and general.

No top-tier candidate is expected to use federal funds available to him or her; Uncle Sam's offer of $83 million for the general election simply would not be enough.

By law, candidates must abide by spending caps to qualify for the federal money. Top candidates assume they will be able to raise much more.

"The 2008 candidates will be making mincemeat of all previous fundraising records," said political analyst Charles E. Cook Jr., publisher of the Cook Political Report.

Citing the $6 million raised by Richardson, Cook added: "When the dark horses in one cycle are almost matching the fundraising leader from the previous cycle, you know it's a whole new world."

Clinton's $26 million amounts to the fifth-largest amount raised by any candidate in any quarter in pre-election years.

President Bush holds the four top positions for pre-election years: $28.7 million in the second quarter of 1999; $33.6 million in the second quarter of 2003; $46.6 million in the fourth quarter of 2003; and $49.2 million in the third quarter of 2003.

Candidates are not required to issue their full first-quarter campaign-finance reports until April 15. Those reports will identify donors who have given $200 or more, the amounts candidates have in their campaign bank accounts, and the sums they spent in the beginning months of the campaign.

Biden, appearing on Fox News on Sunday, dismissed the notion that the candidate with the most money will win.

"If people think we're going to pick a nominee based on how much money they have rather than based on their ideas, I think they vastly underestimate the Democratic electorate," Biden said.

Material from the Chicago Tribune is included in this report.