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Arizona Sen. John McCain trailed two other leading Republican presidential candidates in fundraising during the first three months of this year, figures released by the candidates show.

McCain reported raising $12.5 million, less than all the other GOP candidates except Kansas Sen. Sam Brownback and former Arkansas Gov. Mike Huckabee.

Former Massachusetts Gov. Mitt Romney raised $23 million, putting him on a financial par with Sen. Hillary Rodham Clinton, D-N.Y., who reported raising $26 million.

"People are having a positive reaction to him and are willing to open up a vein for him," David King, a professor at Harvard University's John F. Kennedy School of Government, said of Romney.

McCain's campaign manager acknowledged it was a less-than-impressive showing for the Vietnam War hero, who for much of last year was seen as the strongest contender to win the 2008 Republican nomination for president.

"Although we are pleased with the organization we've built and polls show us strongly positioned in key primary states, we had hoped to do better in first-quarter fundraising. We are already in the process of taking the necessary steps to ensure fundraising success moving forward," said Terry Nelson, the campaign manager.

This isn't the first blow to McCain's candidacy. He's been dogged by a lack of enthusiasm among conservatives, who are suspicious of his push for campaign finance reform, angry about his desire for broad changes to immigration laws, and concerned that he may be a closet liberal.

On the flip side, his ardent support for the war in Iraq has aroused deep unhappiness among independent voters, who flocked to McCain during his run for president in 2000.

On top of all that, national polls have shown McCain trailing .former New York Mayor Rudy Giuliani by double-digit margins.

"It's a troubling sign for McCain, because his aura of inevitability has already sustained a good deal of damage," said John J. Pitney, a professor of government at Claremont McKenna College. "If he wanted to lower expectations, this was a good way to do it."

McCain's fundraising performance appeared to be another sign that the Arizona senator's campaign is flagging.

"For McCain, it looks like he's made campaign finance reform work," King said. "Everyone knew he didn't like the role of money in politics, but one would have hoped he would have liked the role of money in his own campaign. He's now coming to this race a day late and $12 million short."

Giuliani, who has amassed a sizable lead in national popularity polls of GOP candidates, reported raising $15 million this quarter — more than McCain but still well behind Romney.

Brownback, a favorite of social conservatives, reported raising more than $1.9 million, including a $575,000 transfer from his Senate campaign account. Huckabee reported raising a little more than $500,000.

The disparity had the potential to winnow the field and trigger a reshuffling among the top tier of candidates.

Romney had previously trailed not only Giuliani and McCain, but also former Tennessee Sen. Fred Thompson in some national popularity polls of Republican voters. Thompson has yet to declare his candidacy.

Romney worked assiduously to alter the financial lineup, scheduling more than 20 events during March's 31 days. Along the way, he tapped extensive contacts from his work as a venture capitalist, past chairman of the Republican Governors Association and longtime involvement in the Mormon church.

James Thurber, director of the American University Center for Congressional and Presidential Studies, said the report pushes Romney to the top tier of candidates.

"It's a shock," Thurber said. "Obviously he's getting lots of people interested in his candidacy, and it's not appearing in the press. In terms of the polls, usually they are related to the amount of money you're getting, and he disconfirms that."

Romney spokesman Kevin Madden said the fundraising totals "are indicative of the extraordinary success the campaign has had at building an organization and stirring excitement among grass-roots activists responding to his message."

Giuliani reported raising nearly $17 million since forming his presidential exploratory committee in November. He also had $11 million cash on hand as of Saturday, the end of the first quarter, according to his aides.

McCain's campaign released its fundraising totals while the senator was on a fact-finding mission in Iraq.

McCain tried to lower expectations last week, saying he didn't like to raise money, had gotten off to a late start and was "going to pay a price for it."

Republicans in Washington have privately said that McCain's rate of spending has been alarming, even as Giuliani has opened a wide lead in national popularity polls.

McCain acknowledged he hoped "to do better."

All of the money Romney raised was for the primary election campaign. Candidates had the option of raising up to $2,300 from each donor for both the primary and a prospective general election campaign.

Only $48,000 of the money McCain raised was for a potential general election race, while all but $100,000 of the money Giuliani raised was for a primary campaign.

Sen. Barack Obama, D-Ill., had not released a total as of Monday afternoon, touching off speculation about a significant figure.

Romney's total included a $2.35 million loan from the candidate himself.

Find more news from the 2008 presidential campaign trail at www.azstarnet.com/politics