Aides said Kerry had not decided whether to use his war chest to pay off a $6.4-million loan he made to his campaign in December, when his coffers were nearly empty. Bush at the time had $99 million in cash.
A month later, Kerry won the Iowa caucuses. But his fundraising did not begin in earnest until early March, when he effectively secured his party's nomination. Bush had raised so much at that point that he began winding down his money operation.
Campaign finance experts predict that more than $1 billion will be spent on this year's presidential race. It is the first time that the two prime candidates opted out of the public financing system before the conventions, enabling them each to raise unlimited amounts of money.
"This is an unprecedented situation," said Steven Weissman of the Campaign Finance Institute in Washington. "These guys are in a world where there are no limits."
Kerry on Thursday flew to Washington after spending two days out of public sight at a family estate in Pittsburgh.
Times staff writer Mark Z. Barabak contributed to this report.
