Scott Brown Raises $3.4 Million In First Quarter 2012, Bringing War Chest To $15 Million

Scott Brown is sitting on a lot of cash.

His campaign said Friday that the Republican senator from Massachusetts had raised $3.4 million in the first quarter of 2012, providing him with about $15 million in cash on hand in what is likely to be one of the nation's most closely fought and expensive Senate races.

Elected to the Senate in 2010 in a special election following the death of Sen. Edward Kennedy (D-Mass.), Brown is facing a stiff challenge from Harvard Law professor Elizabeth Warren.

Warren's campaign announced on Wednesday that it had raised $2.5 million inside Massachusetts but hasn't released its totals yet for this quarter, which are due to the Federal Election Commission by April 15.

Brown's campaign said it expected not to raise as much money as Warren. "We will once again be outraised by the Hollywood elites and out-of-state liberals that are backing our opponent, but we will have resources we need to run our race," said John Cook, Brown's campaign finance director.

That disparity was evident last quarter when Brown raised $3.2 million and Warren raised $5.7 million.

Despite Warren's impressive fundraising, Brown has consistently had a much larger stockpile of cash since he has money left from 2010 while Warren started raising funds only in mid-August. Brown had about $12.9 million in cash on hand last quarter, while Warren had $6.1 million.

Despite the massive fundraising on both sides, the candidates have signed a pledge to ban third-party ads.