Dems hold cash edge over GOP in '08 bids

WASHINGTON -- The leading Democratic presidential candidates have nearly three times more money to wage their battle for the presidency as their Republican rivals, campaign reports released Monday show.

It's another sign of the intensity of the race — and a measure of the edge that Democrats have over Republicans in the 2008 contest for the White House.

Overall, Democrats Hillary Rodham Clinton, Barack Obama, John Edwards and Bill Richardson have about $104 million cash on hand, compared with nearly $36.5 million held by Republicans Mitt Romney, Rudy Giuliani, Fred Thompson and John McCain.

"This speaks to the enormous energy among Democratic voters," said Anthony Corrado, who teaches government at Colby College in Waterville, Maine. "The cash reflects a very resounding message about change, and it looks like voters are going to hear a lot about change in the coming weeks given the amount of cash that's available to make that case."

Clinton, a New York senator and former first lady, has more cash in the bank than any candidate in either party: $50 million. Most of that money — $35 million — is available for her to fight for her party's nomination.

By comparison, rival Barack Obama has $36 million in the bank, of which $32 million is available for the primary.

Clinton campaign manager Patti Solis Doyle touted the cash-on-hand total as a sign of strength. "We will now have the most resources of any campaign to help spread our message," she said in a statement issued Monday night.

Kareem Crayton, a political scientist at the University of Southern California, said Clinton and Obama each will have ample money to compete head-to-head in the early voting states.

However, the size of Clinton's combined primary and general election funds "is symbolically important," he said. "It says that people believe enough in her candidacy to put their money on the table. It says people want her to be the candidate in the general election."

Among Republicans, Giuliani had the most cash on hand: $16.6 million. That money gives him a considerable financial edge over the rest of the GOP field with just three months left before voting starts in states such as Iowa. Romney is second with $9.2 million.

Overall, the leading Republicans lag behind the top Democrats in total receipts by more than $60 million. They also are spending at a much faster rate.

Romney, Giuliani, Thompson and McCain have spent more than $117 million of the $155 million they've collected since January, according to reports filed Monday with the Federal Election Commission (FEC) and the candidates' own estimates of their spending. That's $3 out of every $4 they have collected so far this year.

The four Democrats who lead in fundraising have spent nearly $114 million — a little more than half of the nearly $218 million raised since January.

The pace of the GOP spending reflects how unsettled the Republican field remains, Corrado said.

"The Republicans are willing to spend a lot of fuel because this race is so close," he said. "Everyone is trying to gain an edge."

Giuliani, a former New York City mayor, leads national polls, but lags behind Romney in Iowa, home to the nation's first nominating contest. Romney also enjoys a narrow advantage in New Hampshire, which hosts the first primary.

Romney, a former Massachusetts governor, accounts for nearly half of the GOP spending during the first nine months, with about $54 million in expenses. He has spent $8 million on TV advertising to boost his name recognition — far more than any candidate of either party.

Corrado said the Democrats' fundraising advantage could hurt the eventual GOP nominee.

Democrats now have the money to mobilize thousands of party activists on the ground in primary states and to dominate the airwaves with their advertising, he said.

"More Democrats are going to be engaged in the race at a very early stage, which doesn't bode well for the Republican in the general election," Corrado said.