April 16 (Bloomberg) -- Illinois Senator Barack Obama raised a record amount for a presidential primary election in the first quarter, helping blunt the power of rival Hillary Clinton's war chest of campaign cash.

Obama collected $24.8 million in his quest for the Democratic nomination, topping Clinton's $19.1 million, according to figures released by the campaigns and reports filed with the Federal Election Commission yesterday. Obama's take also beat the $21 million raised by former Massachusetts Governor Mitt Romney, the money leader among the Republican candidates.

Obama, 45, is counting on a larger number of small donors to take on the Clinton fundraising machine. Helped by funds left over from her last Senate race, the former first lady and New York senator had $31 million in cash on March 31 and spent less than some analysts expected.

``A hundred thousand small donors can raise more money asking their friends to donate than 3,000 big donors,'' said Joe Trippi, campaign manager for Howard Dean's Internet-driven presidential campaign in 2004.

While both Clinton and Obama held large fundraisers, Clinton had more donors giving the maximum $4,600, half of which must be returned if she doesn't win the Democratic nomination. She raised $6.9 million for the general campaign, compared with about $1 million raised by Obama.

Total Raised

All told, Obama collected $25.7 million from 104,000 donors, compared with Clinton's $26.1 million from 60,000 donors in the first quarter, according to the campaigns. The primary money Obama raised is a record for the first quarter of the year before a presidential election.

Obama reported having $19.2 million in the bank at the end of March, with $18.2 million usable for the primary campaign. Clinton said $24 million of her cash is available for use in the primary campaign.

``Senator Obama and Senator Clinton are certainly separating themselves from the pack,'' said Democratic political consultant Glenn Totten. ``They are now becoming the frontrunners -- plural. The key will be who keeps up the pace, because they've set a very fast pace for this race, and they're only in the backstretch.''

Former vice presidential nominee John Edwards raised $14 million in the period and ended up with $10.7 million in cash, all but $1 million of it available for the primary. Edwards is also focusing more on small donors and the Internet, and that will help in the future, Trippi said.

Big-Dollar Donors

``What I'd expect to see is all three of them decline on the big-dollar donor side, which will affect Clinton a lot more,'' Trippi said. ``Obama could well pull away and Edwards could well gain ground on Clinton.''

Edwards, 53, spent the least among Democrats, reporting $3.3 million in expenses, compared with $5 million for Clinton and $6.6 million for Obama.

Clinton, 59, drew fire last year for spending about $37 million of the $51 million she raised for a Senate re-election campaign in which she had no real competition. While she held down expenses this quarter, she reported debts of $1.6 million, including bills for pollsters, consultants and catering.

``A focus on fundraising and on restraining costs is the combination that is needed now to win next year,'' said Anthony Corrado, a government professor and campaign finance expert at Colby College in Waterville, Maine. ``So far, her campaign is meeting the test.''

Bill Clinton

During the quarter, Clinton concentrated on high-dollar fundraisers including a March 20 event in Washington that raised $2.7 million. Her husband, former President Bill Clinton, headlined that event and others around the country. Among her campaign expenses was an $880 catering and venue charge on March 23 from the Clinton Foundation in Little Rock, Arkansas.

Obama, meanwhile, held events for both big and small contributors. He continued that strategy yesterday, hosting a $25-per-person event in Tampa, Florida, as well as two others for well-heeled contributors.

Obama, who has been in the Senate for two years, is looking for more people like David Jones, 25, a third-year law student who said he twice voted for President George W. Bush. Jones said he gave $50 to Obama online, and pledged $40 more on his way into a recent rally in Atlanta.

``I'll probably keep giving,'' Jones said. ``He's different from any other politician I've ever seen in my life.''

Giuliani, McCain

On the Republican side, former New York Mayor Rudy Giuliani on April 13 reported raising the second-most money after Romney, collecting $14.7 million and ending up with $12 million in the bank. Arizona Senator John McCain was in third place, raising $13 million and finishing March with $5.2 million in cash.

Giuliani is leading McCain and Romney in national polls of Republican voters, with Clinton the frontrunner among the Democrats, Obama in second place and Edwards in third.

The Democratic candidates for president tallied up about $79 million in contributions in the period, compared with about $54 million for the Republicans.

``The Democrats are doing a great job,'' former Senate Majority Leader Bill Frist, a Tennessee Republican, said in an interview last week. ``It reflects some concern on the Republican side of the equation with the candidates who are out there.''

To contact the reporters on this story: Kristin Jensen in Washington at kjensen@bloomberg.net; Timothy Burger in Washington at tburger2@bloomberg.net

Last Updated: April 16, 2007 00:04 EDT