Could Obama beat Clinton in Round 2?

What do the first-quarter fundraising totals tell us about the Democratic race?

It's still early in the game, but the first-quarter results give us some important clues about how the Democratic race is shaping up and show us that New York Sen. Hillary Clinton, with $26 million raised, and Illinois Sen. Barack Obama, with $25 million raised, are in a class by themselves.

By nearly matching Clinton in total contributions, Obama proved his campaign is no pick-up team. (Interactive: Campaign finance totals)

Obama argues money follows message: "Sometimes it's the candidate who raises the most money," he said, "but a lot of times it's the candidates with the best message, and the money follows."

Obama has a strong anti-war message, but he also appeals to a longing for unity in the country. That's a rare combination, and it seems to be working. (Watch how Obama raised money online )
The Clinton campaign's response? "We are thrilled with our historic fundraising success," says Clinton campaign manager Patti Solice Doyle, "and congratulate Sen. Obama and the entire Democratic field on their fundraising, which demonstrates the overwhelming desire for change in our country.''

The first quarter tends to be easy picking for fundraisers. The second quarter is when it gets tough. You need to show sustainability. (Watch how Obama's $25 million changes the race )
Obama looks well-positioned to do that. His contributions came from twice as many individuals as Clinton's did, and in smaller amounts. He can go back to them for more.

But Clinton has some advantages, too. "He [Obama] is trying to energize a group of people who don't necessarily always participate in the process but who are hungry for something different," says Dan Balz, a reporter for The Washington Post. "I think she is going more for what you would call the core Democratic constituencies, who often have been instrumental in helping someone win a nomination.".....