DES MOINES, Iowa — Democrat Hillary Rodham Clinton and Republican Mitt Romney raised over $20 million (euro15 million) each for their presidential bids in the year’s first three months. Republican candidates Rudy Giuliani and John McCain and Democrat John Edwards also broke records. Barack Obama is expected to do the same.In a campaign season of staggering sums, the tallies for the year’s first fund-raising quarter effectively separated the big-money contenders from the pack of more than a dozen Republicans and Democrats running for president.

The high dollar figures, coming in so early in a campaign season, illustrate a perception among candidates of a need to start filling their coffers well ahead of the November 2008 presidential election. But as history has shown, an early advantage doesn’t always make for a party’s nominee or a White House winner. Thus, the pacesetters of today will seek to continue beefing up their bank accounts while their lesser-known and lesser-funded rivals feverishly work to make up deficits.

Combined, five of the six top-tier presidential candidates reported raising a jaw-dropping $90.5 million (euro67.75 million) from January 1 through March 31. The sum doesn’t include Obama’s tally; he likely will disclose it this week.

The figures include money raised for both the primaries— where candidates compete for their party’s nomination— and the general election.

Ten months before the first primary votes are cast, the dollar chase has only just begun, and the initial sums indicate that several candidates could ultimately amass an unprecedented $80 million (euro60 million) to $100 million (euro75 million) campaign war chest even before the start of 2008. Strategists from both parties predict the wide-open presidential contest could end up surpassing $2 billion (euro1.5 billion) in total spending by all candidates and their allies.

The biggest reason for the incredible fund-raising may be the dramatic changes in the calendar of primary contests in individual states. The early primaries tend to be the most important in terms of winnowing the field and generating momentum for candidates. Now several large states from New York to California want to hold their nominating contests earlier than in the past to boost their influence, which could effectively turn February 5 into a national primary day.

To compete in a larger number of states, candidates will have to forgo the face-to-face campaigning that has been done in smaller states that have held the earliest primaries for many years — Iowa, New Hampshire and South Carolina — and court voters by running TV ads in expensive media markets. Thus, the need to raise more money.

The first-quarter figures for 2007 dwarf previous records. Republican Phil Gramm of Texas brought in $8.7 million (euro6.5 million) in 1995, while Democrat Al Gore of Tennessee collected $8.9 million (euro6.7 million) in 1999. Gramm dropped out of the race before New Hampshire’s 1996 primary, while Gore went on to win the 2000 Democratic nomination but lose the general election to George W. Bush in a contested outcome.

So far, the Democratic side has had few surprises. That, however, could change when Obama, a freshman Illinois senator, discloses his numbers.

As expected, Clinton has raked in the most among candidates who have reported their results, with $26 million (euro19.5 million).

For his part, Edwards collected $14 million (euro10.5 million), including $1 million (euro750,000) for the general election. The total put him securely in the top tier. Several other Democrats trail Clinton and Edwards but are hoping to break through in subsequent fund-raising quarters. They include New Mexico Gov. Bill Richardson, who raised $6 million (euro4.5 million).

The outcome was far less predictable on the Republican side. Romney reported a $23 million (euro17.2 million) take — a surprising amount even though he’s known as a deft fund-raiser. Of that, $2.35 million (euro1.75 million) was a loan from the candidate himself. He remains in single digits in most national popularity polls and sought to solidify his standing in the top tier of the Republican field with a substantial fund-raising report. He did just that. Giuliani, who leads the Republican candidates in national surveys by double digits, brought in $15 million (euro11.2 million) in the first quarter even though he dramatically lagged both Romney and McCain in setting up a national campaign organisation. The former New York City mayor is a celebrity who has been a huge fund-raising draw for the Republican in years’ past. His campaign said he raised $10 million (euro7.5 million) alone in March.

Perhaps the most stunning figure came from McCain, the Arizona senator who once was considered the favourite to win the nomination. He collected only $12.5 million (euro9.4 million).

McCain now will face extra pressure to post a big number in the second quarter — and prove he is still a viable candidate.