Money is not all that matters in '08 picture

Clinton's total, helped by her Senate campaign transfer and inflated by the unknown amount for the general election, exceeds the $31 million that all presidential candidates reported raising in the first three months of 2003.

Still, Backus said Clinton's numbers were "awe but not shock," and may not serve to scare away contenders in a field that already has been winnowed by fear of a need for big money.

For candidates seeking to break out of second-tier status, the first quarter could prove to be a stepping stone or a pitfall.

New Mexico Gov. Richardson showed he had enough of a support base to raise $6 million and keep $5 million in the bank while spending most of his time in Santa Fe during New Mexico's legislative session.

Aides say he intends to devote himself more fully to fundraising in the second quarter. The question for him, then, is whether he can emerge from the also-running list and build himself into a contender in some of the states with early nominating contests.

Aides to Sen. Chris Dodd, D-Conn., said he raised more than $4 million, transferred nearly $5 million from his Senate campaign and had $7.5 million in the bank. Sen. Joe Biden, D-Del., lagged behind, with his staff reporting that he had total receipts of nearly $4 million, including a transfer from his Senate campaign account.

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