A New York State Of...Cash

The money is already being spent in the New York Senate race, reports CBS News Correspondent Jacqueline Adams.

CBS News has examined just released federal financial disclosure forms which show the size and scope of the candidates' fundraising activities.

Last year, New York City Mayor Rudy Giuliani raked in $11.8 million, an unprecedented amount a year before the voting starts. He bested Hillary Rodham Clinton, who raised only $8.1 million.

Both camps found about half their money outside New York State.

But while the Mayor touted celebrity donations from actor Charlton Heston and athlete Roger Staubach, he also claimed the bulk of his money came from so-called "average Americans," 90,000 citizens who gave about $100 each.

By contrast, Mrs. Clinton had fewer small donors and more contributions from glitterati -- movie stars like Candice Bergen, Nicole Kidman, and Michael Douglas.

"With all that Hollywood money and Hollywood stuff, you've got to do the best you can to remain competitive," said Giuliani.

The Clinton camp is already crying "foul."

"This isn't about which celebrities are donating to which campaign. It's about how these letters are written, who they're targeted for, how they're appealing for support," said Clinton campaign spokesman Howard Wolfson.

Scores of fund-raising letters have demonized the First Lady, one calling her "an ultra-liberal, carpet-bagging opportunist." Giuliani's campaign claims conservative organizations unconnected to the mayor are behind these. But the Mayor has hired Richard Viguerie, the conservative direct-mail impressario who's raised millions for the likes of Jesse Helms and Oliver North.

And the Mayor's two web sites -- GiulianiYes and HillaryNo -- have painted Mrs. Clinton as the darling of the "left-wing elite".

Even non-partisan analysts say it's clear why the strategy has worked.

"They're really not writing checks to support Rudy Giuliani,"
said Jennifer Duffy of the Cook Political Report. "They're writing checks to defeat Hillary Clinton."

But the First Lady can't use Giuliani's name as effectively to raise money because he's not as well known nationally, nor does he arouse the passions across the country that she does.

Since both sides have vowed to spend whatever it takes to win this Senate seat, expect this to be dirtiest as well as the most expensive campaign ever.