If political fundraising success is measured in terms of exceeding expectations and building momentum for the future, John McCain’s campaign has not had any success in fundraising.  If barely doubling the fundraising of Bill Richardson was the goal all along, McCain should be very pleased with his whopping $12.5 million.  Even after very deliberately lowering expectations, his first quarter numbers seem low by the new standards of this cycle.  Four years ago, $12 million would have been respectable and competitive for a top-tier candidate, but now it makes McCain look strangely weak. 

It is interesting that Giuliani was able to bring in only $15 million, despite his much-vaunted “frontrunner” status, while Romney, who has to be seen by now as an incredibly overfunded joke candidate, has pulled in the largest amount on the GOP side.  Meanwhile, the other contenders are running their campaigns on a shoestring and gaining popularity that Romney has not been able to buy no matter how many heaps of cash he fritters away.