All first quarter reports for the 2008 presidential race have been submitted to FEC. A true test of a campaign is often the measure of its cash on hand, rather than the actual amount of money raised in a given period.
In the first quarter, John McCain raised $13.1 million, yet ended with $4.7 million on hand-- spending at a rate of 61.4%, an extremely high rate.
Mitt Romney and Rudy Giuliani each ended the quarter with more than $10 million on hand and now have an advantage over McCain heading into the second quarter.
Click here to read a story on the reports from the Washington Times.