In a conference call, campaign manager Michael DuHaime said that Giuliani's $15 million of primary money in the bank and zero debt puts him in a "tremendous position right now to win the primary." He also did not hesitate to look ahead to the general election, where he said that Giuliani was the only candidate "who can fundamentally alter the electoral map in favor of a Republican."

DuHaime said that he could guarantee Giuliani would carry "New Jersey, Connecticut" and other traditionally Democratic states, while also forcing Democrats to spend a lot of their own resources on advertising in expensive media markets like New York and California.

Along those lines, DuHaime argued that "We have expanded the campaign into a dozen primary states" and he expressed confidence in Giuliani's showing in South Carolina, where he said few political experts thought the former mayor would have a chance to compete.

Still, it is Iowa and New Hampshire that come first, and Giuliani has not polled as well there as he has in nationwide surveys. The campaign's answer to that has been that people will eventually realize that Giuliani is the only Republican with a shot at winning the general election and that they will come around. As for the many Republicans who think that Giuliani's positions on social issues put him at odds with the core principles of the party, DuHaime tried to make the case that Giuliani's appeal to traditionally Democratic states made him the "best candidate for the long term growth of the party."

Still, Giuliani's haul is rather meager compared to the giant sums brought in by Barack Obama and Hillary Clinton. In particular, he brought in only $1.3 million in online contributions for both fund-raising quarters, an amount that is dwarfed by the Democratic front-runners.