New Hampshire: The Real Facts

On the money front, how do Sens. Obama and McCain stack up? No contest, it seems. Since the campaign began, Mr. Obama has raised a staggering $295-plus million, versus Mr. McCain's almost $122 million. But that's misleading.

Mr. Obama spent a lot to win the nomination. So how much cash did he and his rival have when the general election effectively began in June? As of May 31, Mr. Obama had $43.1 million on hand while Mr. McCain had $31.6 million – a significant but not overwhelming advantage.

There is also the cash raised by the Republican and Democratic National Committees. Each candidate depends on the party committees for certain expenditures – registration, voter identification and get-out-the-vote drives, materials distributed by volunteers, even some advertising. Here, the Republicans had $53.5 million in hand on May 31, versus the Democrats' paltry $4 million. Thus Mr. McCain and the RNC have $38 million more than Mr. Obama and the DNC.

If Mr. Obama maintains his prodigious fund-raising pace, he could overtake Mr. McCain and the RNC. But that's not guaranteed. In May, Mr. Obama raised $23.3 million and the DNC $4.8 million; but Mr. McCain raised $21.5 million and the RNC $24.4 million. Mr. Obama's Internet-driven fund raising may require a renewed sense of urgency, crisis and energy that may be hard to gin up until the race heats up with the conventions in late August.

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