From the February 22, 2004 Washington Post:
Edwards, Kerry Were Barely Solvent Last Month
New campaign finance reports show that the two leading candidates for the Democratic nomination were barely solvent at the end of January heading into a prospective $50 million-plus ad blitz by President Bush.
Bush ended January with $104.4 million in the bank, nearly 100 times as much as the net balances of Sen. John F. Kerry (Mass.), the Democratic front-runner, and Sen. John Edwards (N.C.), Kerry’s leading challenger for the nomination.
“We will never catch up,” said Michael Meehan, Kerry’s spokesman, noting that so far in February, Kerry had raised $5 million.