Mr. Romney, a former governor of Massachusetts, is not only raising less money than he did four years ago, but so far he has been relying more heavily on a smaller group of donors, asking many of them to write checks now for the maximum donation that they can give during primary season. While that has given Mr. Romney a considerable lead in fund-raising over other Republican candidates ? he raised $18.5 million during the three months ending June 30, four times more than anyone else ? it also means he will have to quickly expand his universe of large donors to maintain that pace.
Out of 263 state-level finance chairmen and bundlers ? those who raise money on behalf of a candidate ? who appeared in Mr. Romney?s campaign filings in 2008, more than half do not appear to have given him any money so far this year, according to an examination of filings with the Federal Election Commission. Those staying on the sidelines include some of the heaviest hitters in national Republican fund-raising, underscoring one of Mr. Romney?s central challenges: convincing a skeptical Republican establishment that he is their best bet to make Mr. Obama a one-term president.
?I haven?t decided yet. I want to see what the whole field looks like,? said James B. Francis Jr., a Texas financier who was a national finance co-chairman of Mr. Romney?s 2008 campaign but has not signed up for a second tour of duty.
?A presidential campaign is like a child: every one of them is different,? added Mr. Francis, who headed the network of ?Pioneers? that helped George W. Bush break fund-raising records in his first run for president. ?They have different dynamics, they act differently.?
Mr. Romney has until now faced only minimal competition for the allegiance of major Republican donors. But that could change quickly: Gov. Rick Perry of Texas ? home to a significant portion of big Republican donors ? is inching ever closer to entering the race. Both men made trips to California this week to court potential donors, with Mr. Perry presenting himself as the party?s best alternative to Mr. Romney.
While Mr. Romney?s campaign team is already laying plans to go head-to-head with Mr. Perry should he enter the race, Romney advisers said they did not view the fund-raising situation as a sign of weakness. Rather, they emphasized the slow development of the Republican primary: Mr. Romney, like other candidates, entered the race much later this year and has kept a determinedly low profile.
?There is a lot of potential out there that hasn?t been motivated to be tapped,? said Woody Johnson, the owner of the New York Jets and a member of Mr. Romney?s national finance team. ?I think that?s pretty common for a campaign, especially this early. People aren?t as focused. Maybe it?s the environment, maybe it?s because so many candidates are running.?
Mr. Johnson said that many of the donors he had reached out to in recent weeks were now willing to take a second look at Mr. Romney, in part because other Republican candidates, like former Gov. Tim Pawlenty of Minnesota and former Gov. Jon M. Huntsman Jr. of Utah, have had difficulty gaining traction in national polls.
?It clarifies the argument,? said Mr. Johnson, who supported Senator John McCain of Arizona in the race for the Republican presidential nomination four years ago. ?Competition makes you better. And I?m confident that Romney will prevail.?
Mr. Romney is not the only candidate fighting to hold on to his biggest donors: Just one-fifth of Mr. Obama?s bundlers have so far signed on to the president?s re-election campaign, reflecting both burnout and disillusionment. But Mr. Obama has been able to recruit dozens of new bundlers to replace them, while drawing in additional millions of dollars from an enormous network of small donors.
Griff Palmer and Derek Willis contributed reporting.