Feb. 6 (Bloomberg) -- Barack Obama spent $20.3 million on staff salaries last year, the biggest payroll for any presidential candidate, as he built an organization in Iowa, New Hampshire and other early primary states, according to a new analysis of campaign finance filings.

Obama, 46, spent $1.2 million in the last three months of 2007 on paid staff in Iowa compared with $379,186 for chief rival Hillary Clinton, according to an analysis of Federal Election Commission records by the Center for Responsive Politics, a Washington-based research group that tracks campaign funding.

Clinton, 60, spent $14.9 million on salaries and benefits last year, third behind Obama and Arizona Senator John McCain, who spent $15.4 million. McCain's payroll amounted to 39 percent of his spending, higher than any other candidate.

Obama, an Illinois senator, raised $102 million last year, almost matching the $107 million of Senator Clinton of New York, the more established candidate at the time. Obama, whose coffers were further fattened in January by $32 million in contributions, won the Iowa caucuses on Jan. 3, the first voting test this year. Clinton raised about $13.5 million last month, campaign chairman Terry McAuliffe said on MSNBC Monday.

``We're just working like crazy,'' said former President Bill Clinton, Senator Clinton's husband.

``Money always has a voice,'' said Dennis Goldford, a professor of politics at Drake University in Des Moines, Iowa. Obama's fundraising ``is quite remarkable for an insurgent candidate'' and suggests ``some significant second thoughts'' about Clinton, Goldford said.

Clinton and Obama engaged in a close battle in yesterday's Super Tuesday contests, with the New York senator winning the biggest states and her rival capturing more states.

McCain's Finances

McCain's finances were strained last year, leading to staff departures that threatened his White House bid in July. He took out a $3 million loan to help pay for the comeback victory in New Hampshire that revived his campaign.

Overall, Obama spent $3.8 million in Iowa in the final quarter of last year, compared with $1.6 million for Clinton, according to the center's analysis.

The analysis only includes expenditures made to staff and vendors with an Iowa address. It doesn't include television or radio advertisements paid through out-of-state firms or the salaries of staff who listed addresses elsewhere. That could add millions of dollars to candidates' totals.

McCain, 71, raised $37.5 million for his presidential campaign last year and transferred $1.1 million from his Senate campaign account. Clinton, in addition to her $107 million in donations, transferred $10 million from her Senate account. The candidates haven't said how much of their donations were for the general election rather than the primary contests.

Romney's Spending

Former Massachusetts Governor Mitt Romney, 60, spent more money on advertising, $33.8 million, than Obama and Clinton combined. The ads, while introducing Romney to the nation, also attacked his opponents and prompted criticism from them.

Romney won Nevada, Wyoming and Michigan and was the strongest threat to McCain heading into yesterday's voting. Romney lost Iowa to former Arkansas Governor Mike Huckabee, 52, and New Hampshire, South Carolina and Florida to McCain, who dominated the Super Tuesday race for delegates.

Including the ads, Romney spent more than any other candidate, $87.6 million, helped in large part by the $35.5 million of his own money he lent his campaign. Romney spent 15 percent of that, $13.5 million, on salaries.

Former New York City Mayor Rudy Giuliani, who withdrew from the race last week after failing to win a single primary, led all Republicans by raising $59.2 million, and transferred $2 million from his Senate campaign.

Fuel for Campaign

``Money is like fuel. It's like gasoline for the car,'' Goldford said. ``You can't take the car anywhere in the world without gasoline, but all the gasoline in the world won't get you anywhere if your car isn't any good.''

The most frugal of the still-active candidates in spending on campaign staff was Representative Ron Paul, a Texas Republican. Paul, 72, raised $19.9 million during the last three months of 2007 to lead all Republicans. His total campaign spending last year was $20.4 million, of which 8 percent, or $1.5 million, was spent on salaries and benefits. Huckabee spent $861,854 on staff, 12 percent of his spending of $7.1 million.

The 2008 presidential candidates spent $482 million in 2007, exceeding the $343 million the 2000 candidates spent in the entire campaign and more than all candidates in 1992 and 1996 combined, according to the Center for Responsive Politics.

``To see the pre-primary season alone costing more than entire (previous) elections is remarkable,'' the center's executive director, Sheila Krumholz, said in a statement.

To contact the reporters on this story: Jonathan D. Salant in Washington at jsalant@bloomberg.net; Timothy J. Burger in Washington at tburger@bloomberg.net.

Last Updated: February 6, 2008 08:33 EST