Mitt Romney Leads in Republican Money

Mitt Romney has proved to be a formidable fund raiser, collecting $23 million in campaign contributions in the first three months of this year. Giuliani, who leads the GOP candidates in national surveys by double digits, brought in $15 million. John McCain who at one point was the favorite to win the GOP nomination raised $12.5 million.

Combined, five of the six top-tier presidential candidates reported raising a jaw-dropping $90.5 million from Jan. 1 through March 31. The sum doesn't include Obama's tally; he likely will disclose it this week.

Mitt Romney's surprising lead for the GOP money now needs to be converted into a rise in the polls. He remains in single digits in most national popularity polls and sought to solidify his standing in the top tier of the GOP field with a substantial fundraising report. He did just that. Now he faces the challenge of sustaining that brisk fundraising pace and building upon that momentum to raise his standing in polls.

Giuliani, the former New York City mayor is a celebrity who has been a huge fundraising draw for the GOP in years' past. His campaign said he raised $10 million alone in March. However, McCain's numbers were disappointing, only $12.5 million, given that he spent more than a year building a national campaign organization, collecting endorsements of the Republican establishment and locking up the support of a slew of big-time GOP donors. He is now under tremendous pressure to post a big number in the second quarter and prove he's still a viable candidate.