(CNSNews.com) - Arizona Sen. John McCain raised more money in January than rival, Texas Gov. George W. Bush, according to the latest figures available from the Federal Election Commission.
McCain raised $2.5 million last month, for a total of $18.2 million. The figure includes $2 million, which was transferred from his senate campaign account, and another one million dollars borrowed against future federal matching funds.
As of January 31st, McCain had $3.1 million in the bank, which includes $2.8 million in federal matching money.
On the expenditure side of the ledger, McCain spent $6.8 million in January, for a total of $21 million, while Bush spent $12.8 million last month, while his total spending topped $50.1 million, the largest amount ever spent by a presidential candidate.
Since his double digit win in the February 1st New Hampshire Presidential Primary, McCain has raised $8 million. The figure includes $3.5 million raised via the Internet.
In January, Bush raised $2 million, for a total of $70.7 million.
Since Bush does not accept federal matching money, he does not have to observe federal spending limits.
Former Ambassador Alan Keyes raised nearly $666,000 last month, bringing his campaign total to $5.1 million. Keyes has spent $5.6 million. Keyes has made up the deficit by borrowing $380,000.
On average, Bush is spending at the rate of $3 million a week.