Giuliani Rivals Romney in Cash in Bank

WASHINGTON -- Rudy Giuliani has used half as much money as Mitt Romney in the Republican presidential contest so far this year, a difference in spending that's left the two candidates with nearly equal amounts of cash in the bank.

Romney outraised Giuliani, collecting contributions totaling $20.7 million for the primary contest to Giuliani's $13.6 million.

But Giuliani spent nearly $5.7 million on his presidential campaign during the first three months of the year, a rate of spending that left him with a healthy amount of cash on hand.

Romney, who began assembling his campaign operation earlier than Giuliani, reported spending nearly $11.6 million.

As the campaigns move forward, Giuliani enters the important second quarter of the year with $10.8 million cash on hand and Romney with $11.9 million.

Sen. John McCain, once perceived as a front-runner but who now trails Giuliani in public opinion polls, has reported raising $12.5 million during the first three months. McCain is expected to show a high spending rate and a significantly smaller amount in the bank than Romney or Giuliani.

Giuliani, the former New York mayor, and Romney, the former governor of Massachusetts, were the first to file their official first quarter finance report. The deadline for the documents to be submitted to the Federal Election Commission is midnight Sunday.

The numbers reveal a Republican field in complete flux. McCain has revamped his fundraising operation to boost his totals. And while Romney received significant attention last week for reporting contributions well ahead of his rivals, he remains in third or fourth place in national polls. Meanwhile, Giuliani's low spending level allows him to reassure donors and burnish his image as a fiscal conservative.

Romney, who amassed a fortune as an entrepreneur before going into politics, also reported giving himself a $2.35 million loan. His top donor state was California, followed by Utah, where there is a concentration of donors who, like Romney, are Mormons.

Romney aides said he had 32,074 donors. About six out of 10 Romney donors gave contributions of less than $200. The maximum contribution from individuals is $2,300 for the primary.

Giuliani aides said he had 28,000 individual contributors during the first three months of the year despite leading the GOP presidential field in polls. "Our biggest challenge is catching our organization up to the popularity of Rudy," said Roy Bailey, the Giuliani campaign's national finance chairman.

The number of donors is significant because it offers a glimpse of the breadth of a candidate's support. Democratic Sen. Barack Obama, for example, has reported more than 100,000 donors.