Romney money going fast

WASHINGTON -- Former Massachusetts governor Mitt Romney burned through more than half of the $20.7 million he raised for his presidential bid in the first three months of this year, a spending rate that leaves former New York mayor Rudolph W. Giu liani with almost as much cash on hand as Romney, according to campaign finance figures released yesterday.

Romney's fund-raising total placed him first in the GOP presidential money race in the first quarter of 2007. But his spending left him with $11.9 million in the bank at the beginning of this month -- a figure that includes a $2.35 million loan Romney himself floated to his campaign.

Giuliani, by contrast, raised $14.8 million in the first quarter and spent $5.7 million, with a $1.85 million transfer from a Senate campaign account, leaving him with $10.8 million in cash on hand. About $1.1 million of that sum is earmarked for the general election campaign; all the money Romney has raised is for the primaries.

The numbers revealed yesterday provide the first detailed look at the sources of candidates' cash -- as well as the all-important "burn rate," the pace at which campaign consultants' fees, aides' salaries, overhead, and travel consumes campaign dollars.

Kevin Madden, a Romney campaign spokesman, said the campaign's early expenditures have helped build a fund-raising operation that will allow Romney to bring in far greater sums in the months to come. "We're building a national campaign and investing the resources needed to sustain its growth and its continued success," Madden said. "The resources we've invested in building the grass - roots network and the fund-raising infrastructure are designed to yield a greater return."

By last night, Senator John McCain of Arizona , another Republican, had not yet filed his detailed first-quarter fund-raising report with the Federal Election Commission. He and the other candidates have until midnight tomorrow to do so. But his campaign has said it raised $12.5 million in the year's first three months, and McCain is expected to have far less cash on hand than his main Republican rivals. McCain has announced a reorganization of his finance team to ensure better results.

One factor in the spending disparity between Romney and Giuliani was the fact that Giuliani got a later start to his presidential bid , kicking campaign operations into full gear in mid-February. Romney had a full staff in place starting at the beginning of the year, meaning his campaign incurred greater expenses in the first quarter.

Romney's report showed contributions from more than 32,000 individuals, with about 62 percent of his contributors sending less than $200. Romney's home state of Massachusetts ranked third in sending money his way. California was first, followed by Utah, the base of the Mormon Church. Mormons are strong backers of Romney, who is from a prominent Mormon family. His native Michigan ranked fifth in sending him cash, behind fourth-place Texas.

The Giuliani campaign said the candidate had 28,000 contributors during the first three months of the year.

The top Democratic fund-raisers have reached more donors, with Senator Barack Obama of Illinois reporting more than 100,000 donors contributing toward the $25 million he brought in the first quarter.

By last night, none of the leading Democratic candidates had released the detailed financial reports.

The Romney campaign said it raised $7.2 million online .

Material from the Associated Press was used in this report.