Romney looks to be behind Giuliani in cash on hand but of course can cover the gap with his own resources if necessary.
With less than four months until the shouting is over, the campaigns’ burn rate should be accelerating. The mayor is betting the political farm on taking a number of losses in the early states but rising again on 2/5:
While most of the candidates concentrated their spending in Iowa, New Hampshire and South Carolina, finance reports filed with the Federal Election Commission yesterday show that Giuliani invested thousands of dollars opening campaign offices in places such as Fargo, N.D., and Columbia, Mo.
Giuliani’s decision to spend there, as well as in Florida, New Jersey and Illinois — all states that will be part of a Feb. 5 mega-primary — signals that he alone among the Republicans is laying the groundwork for a national primary strategy, campaign strategists said.
“It looks a lot like Rudy is banking on a breakout strategy, where he survives early losses and gets to the big states on January 29 and Super Tuesday,” said Scott Reed, a former campaign strategist for Robert J. Dole who is not attached to any presidential campaign this year.
Romney leads in the first three contests in Iowa, New Hampshire and Michigan, and some polls have him ahead in Nevada and South Carolina as well.
If the primaries are like the play-offs, losing the early games isn’t a great way to set up getting to the big show.