The Money Primary

"That placed McCain, the perceived front-runner, third in early fund-raising among Republicans, after Romney and former New York Mayor Rudolph W. Giuliani, who disclosed that he had raised $15 million. McCain's campaign indicated today it was restructuring its fund-raising operation."

NYT: "Mitt Romney's presidential campaign said Monday that it had raised $20 million in the first quarter, tapping two distant but rich networks -- Wall Street and the Mormon Church -- to easily outpace his better-known Republican primary rivals.

"Senator John McCain, the Arizona lawmaker once considered the front-runner, brought in $12.5 million, his campaign said. It was an unexpected shortfall that could hamper his momentum, and his campaign acknowledged disappointment . . .

"Although Mr. Romney's membership in the Mormon church has often been discussed as a potential political liability, he has taken deliberate steps to turn his affiliation with the church into a fund-raising asset."

So Romney now has momentum--even though not one more voter has decided to vote for him than was the case yesterday.

Chicago Trib: "While the amounts are stunning by historical standards, McCain's campaign manager acknowledged it was a less-than-impressive showing for the Vietnam War hero, who for much of last year was seen as the strongest contender to win the 2008 Republican nomination for president . . . McCain has never liked fundraising, and aides said he devoted much of the first quarter to working on the Iraq war issue in the Senate."

Politico: "The first-quarter presidential fundraising reports offer several insights into the race, but perhaps the most intriguing are: John McCain is faltering as the perceived Republican front-runner, and Hillary Rodham Clinton's campaign isn't the juggernaut that her Democratic opponents feared . . .

"McCain's stumble comes at a treacherous time because he has slipped in the polls as his courtship of his party's conservative base appears to have stalled. He had recruited the lion's share of Bush's big-name fundraisers, but his risk now is that activists and donors will throw their support behind one of his better-financed rivals.

"On the Democratic side, Clinton also suffered some dents in her armor.

"Her campaign news release noted that 50,000 donors had given to her campaign; Obama's Web site already touts the fact that more than 83,000 donors have given to him.

"The Clinton camp highlighted the $4 million she raised on the Internet, but that number seemed less impressive when Edwards reported that of the $14 million he has raised, more than $3 million of it came in online."

National Review's Jim Geraghty gives Clinton a mixed review: