Clinton Campaign Gets In Gloat Mode With $27 Million

He added that the “big story” was that Mr. Obama led by far in total number of donors.

The fact that she has more new donors this period, said Mr. Johnson, was a result of most of Mr. Obama’s money coming from people who made small donations, a base of supporters that the campaign could turn to multiple times. He added that Mrs. Clinton needed to find new donors because many of her wealthy contributors had already maxed out.

But isn’t the fact that she found so many new donors, about 100,000—compared to Mr. Obama’s 93,000 new donors—a sign of her strength, too?

“She had a good inning,” repeated Mr. Johnson.

Another member of Mr. Obama’s finance team, John Rogers, also disagreed with the idea that Mrs. Clinton’s fund-raising totals represented any sort of setback.

“Oh, no, we feel like we have met all of our goals for the quarter,” said Mr. Rogers. “The number, the hundreds of thousands of people who have contributed to this campaign, it’s extraordinary.”

He said the campaign had a conference call yesterday with supporters in which they emphasized “the really good news” of their fund-raising totals, to go along with a recent Newsweek poll showing Mr. Obama, for the first time, with a slight lead over all comers among likely caucus-goers in Iowa.

But just in case any of those donors were panicked by the fund-raising results, Mr. Nemazee had a message.

“To the Obama campaign,” he said. “The Clinton people—we have open arms and are ready for you.”