By Kevin Anderson BBC News Online, Washington

The money race is on. President Bush and the nine Democrats seeking their party's presidential nomination are racing to take in as much money as possible before the end of June.

Democrats are trying to keep up with Bush's fundraising juggernaut

President Bush is expected to raise upwards of $20m. The leading Democratic contenders hope to raise at least $5m in a demonstration of the credibility of their campaigns.

It is still six months before the first primary, and for now, political supporters will be voting not with their ballots but with their dollars.

President Bush is breaking fund-raising records with more than a dozen multi-million dollar events through mid-July.

But the Democratic Party held their own million-dollar event on Wednesday night, raising $1.7m for the eventual presidential nominee.

Party energised

Democratic leaders, the party faithful and lobbyists packed the Grand Ballroom at the Mayflower Hotel in downtown Washington.

It was not a standing room only crowd like President Bush had at a similar fundraiser in Washington a week ago, but the Democrats were still able to take in more money than $1.5m they had expected.

I can't abide by this administration and the current drift of the Republican Party Bill Breer

Republican leaders have been clamouring for the president to add more fundraisers to his schedule because the party base is ecstatic with the military victory in Iraq and the most recent round of tax cuts.

But Democrats too are energised.

The party faithful see President Bush as a right-wing radical who has alienated the US from the international community and whose tax policy has stolen from the poor and middle class to make the rich richer.

Bill Breer says he was born Republican. Some 90% of the small California town where he grew up voted Republican.

But he will be voting for a Democrat for president in 2004.

In the past, he has voted for both Republicans and Democrats. "But I can't abide by this administration and the current drift of the Republican Party. It has gone to the extreme right," he said.

He criticised the president's tax policy and his stance on gun control, the environment and women's rights, he said.

Influence fears

Dr Marge Drugay came to the fundraiser representing the American Nurses Association. The association gives money to Republicans as well as Democrats.

Fundraising is an early test of strength for the candidates

"These events are a wonderful opportunity to meet the candidates, to see the legislators and make our point of view known," she said.

But Dr Drugay, who considers herself an independent, was worried by the influence of money on politics.

"It costs a lot of money to run for office in the United States," she said. "On the side of organisations that support different candidates, it takes a lot of money to have access to candidates."

And for organisations like hers, having that access is critical.

Dash for cash

The Democratic contenders have all been scrambling to raise money ahead of a campaign finance filing deadline.

The current quarter ends on 30 June, and candidates must disclose their campaign fundraising activities to the Federal Election Commission by 15 July.

As people see their paycheques getting smaller, that is our biggest weapon Guillermo Meneses, DNC spokesman

The money race will be an early test of strength for the field of nine declared candidates from the Democratic Party.

The campaigns make no secret about the urgency of the early test.

In an e-mail message to supporters, Joe Trippi, campaign manager for Howard Dean, said: "Only five days remain before the end of the quarter for fundraising purposes.

"It is now more important than ever that we show the strength of our grassroots campaign."

Spending battle

Senator John Edwards was the leader of the money pack in the first quarter of this year, raising more than $7m.

And most political commentators believe that in the cash campaign, candidates will have to have raised at least $5m to be seen as top-tier candidates.

By the end of the year, President Bush hopes to have raised $200m for his re-election bid even though he faces no primary challenger.

The Democratic nominee will be at a large financial disadvantage, but Democratic National Committee spokesman Guillermo Meneses said that this is nothing new.

Republicans have always outspent Democrats, he said.

But Democrats see an opportunity to capitalise on the president's domestic and economic failures, he said.

"As people see their paycheques getting smaller, that is our biggest weapon."