Former Massachusetts Gov. Mitt Romney emerged as the Republican fundraising front-runner Monday, building a significant lead over Sen. John McCain, the choice of many Republican stalwarts.
Romney, a wealthy former venture capitalist, lags in most public opinion polls but raised $20.63 million in the first three months of 2007, not counting $2.35 million that he lent himself. The loan, early in his effort, allowed him to build his campaign apparatus.
Romney out-raised the two Republicans who lead him in the polls -- former New York Mayor Rudolph W. Giuliani with $15 million and McCain with $12.5 million.
The gap between Romney and McCain took veteran campaign watchers aback and prompted an overhaul of McCain's fundraising operation.
"Clearly, Romney has surprised the field," said Anthony Corrado, a political scientist and presidential campaign finance expert at Colby College in Maine. "Not only has he raised more money than the others, it is fair to say he raised substantially more."
"Wow," said Dan Schnur, who worked on McCain's 2000 presidential campaign. "The irony is that it is a pretty impressive number in a normal year," he said of McCain's total. "But this is not a normal year."
McCain's $12.5 million exceeds the sum that any candidate raised in the first quarter of past preelection years. But in 2007, Republican and Democratic presidential aspirants are raising unprecedented sums as they prepare for more than two dozen caucuses and primaries in January and early February.
Schnur attributed McCain's showing to concerns that some donors may have about his support for continued U.S. involvement in Iraq. Others say McCain has angered Republicans by his stands on various issues, not the least of which was his advocacy of campaign finance regulation that sought to require some political organizations to file more detailed public disclosures.
Still, other experts note that the campaign is in its early stages. Some past candidates who have lagged in early fundraising have righted themselves and won their party's nomination, while some aggressive fundraisers have posted impressive money numbers only to flail as actual voting takes place.
"Every candidate wants to be in first place, but it is no guarantee of success," said Michael Toner, former Federal Election Commission chairman. Toner, a Washington attorney, cited former Sen. Phil Gramm (R-Texas) in 1996 and former Vermont Gov. Howard Dean in 2004 as candidates who raised large sums but stumbled at the polls.
