With reports yesterday that Obama raised another $40 million dollars last month McCain’s team needs to be seriously concerned. This $40 million, when added to January’s $32 million, brings his total reported Q1 haul to $127 million. That’s a whopping chunk of change.

Granted he’ll have to spend an awful lot of it to beat Hillary. He’s currently out raising her almost two to one. He’ll blow through a lot of cash between now and the nomination, but anything that’s left (assuming he eschews the general election funding provided by the FEC) can go straight to his general election account. If he continues raising $30 million or more per month, he could conceivably end up up more in the bank to transfer than McCain will get from the FEC funds.

What should really make McCain nervous, though, is the situation at the FEC and the fact that he may not get those funds. The FEC is currently missing commissioners and cannot count a quorum. Without a quorum present, the FEC cannot approve the disbursement of those Presidential funds to the McCain camp.

The Senate won’t recess because they do not want Bush to make recess appointments. The Republicans and Democrats have relatively inflexible positions on the current crop of appointments, and don’t appear likely to blink. With that stalemate in place, and no reason for the Democratic majority to overturn it, McCain could well enter the fall campaign completely unarmed.

McCain’s team is currently raising about $12 million per month, but blowing through it just as fast. If they’re not banking any dough, it is possible the campaign will enter September without any money at all. Now, the GOP could take great offense to the Senate Dems using procedural maneuvers to keep their candidate broke and rally in large numbers to show J-Mac the money love. If that’s going to happen, though, it needs to start soon.

The Bush team in 2004 considered skipping the general fund and raising money, but they determined the costs would simply be too great. To raise the $75 million they’d be giving up, they would actually need to raise about $150 million – due largely to the high overhead of the Ranger/Pioneer model of fundraising.

Obama’s model has a much lower overhead. It’s possible he could raise vast sums of money on a small dollar model. He’ll have a lot more ready cash for a much smaller investment of time.

McCain’s team needs to get on the stick and go open-source. They should be e-mailing their list with the facts I have just laid out, and urging every single Republican to give to McCain. They could even be honest and upfront about it. Here’s a sample of the e-mail I would send.

While we may not have seen eye to eye on issues in the past, I hope I can count on you now. We, as a party, face an incredible challenge. In just 7 months, I will face the best funded Democrat to run for President in generations. As the liberals are stuffing the campaign coffers of my opponent, their allies in the US Senate are working to deny you a candidate.

As the Senate holds up confirmation of commissioners to the FEC, I am awaiting approval of the funds that will carry our party’s message in the fall. Roughly $80 million dollars is riding on a high stakes game of chicken. The Democrats want us to back down. They want to hold my campaign hostage and prevent the disbursement of the money we need for the election in an effort to deliver a defeat to the President.

Whether you agree with me, and whether you support President Bush and his policies, we must unite as a party, and beat the Democrats at their own game. How? We must ask every single Republican to make a donation of just $5 to this campaign.

If every single Republican who voted for President Bush in 2004 gave $5, we could unite as a party, raise more than $300 million dollars, and fund our election without the FEC.

Take the power out of the Democrats hands. Show them the people of this great nation will not allow them to deny half of us our candidate and our vote. Show them that like any family we may have our internal squabbles, but we will not hesitate to come together against someone who threatens us.

Please, ask every Republican you know to give $5. If you can give more, or they can give more, please ask them to do so. We

That’s it. Begin a fundraising drive to combat the situation you are in. Beat Obama at the small dollar giving and use the fact that the Democrats are purposefully blocking the FEC appointments in an effort to screw you against them.

If they don’t do something, and keep spending money under the theory that the FEC situation will be resolved before August, they run the real risk that they go into the general out gunned to the tune of $150 million or more.