Paul raised $2.4 million in the second quarter.
WASHINGTON (CNN) - He's considered a long-shot to win the GOP presidential nomination, but Texas Rep. Ron Paul is boasting more cash-on-hand than Arizona Sen. John McCain's struggling presidential campaign.
The Texas Republican raised nearly $2.4 million in the second quarter, and, after all expenses, has a total amount of $2.4 million cash-on-hand, campaign spokesman Kent Snyder tells CNN. Paul raised $640,000 in the first quarter of 2007.
Snyder added that nearly all of Paul’s warchest was raised through the Internet.
Earlier in the week, former New York City Mayor Rudy Giuliani’s campaign announced having $18 million in campaign cash, $15 million of which may be spent on the primaries. Former Massachusetts Gov. Mitt Romney's campaign announced a warchest of $12 million for the GOP nomination fight.
Arizona Sen. John McCain, once the early favorite to win the nomination, reported raising a disappointing $11.2 million in the second quarter with only $2 million cash on hand - $400,000 less than Paul. His campaign said his support of immigration reform legislation hurt his fundraising ability.
Paul, with only 11 staffers on his campaign, runs a frugal campaign. The Texas Republican rarely travels to key campaign states. Snyder said the campaign is expecting to expand into additional states in the near future.
Paul registered 2 percent in the latest CNN/Opinion Research poll conducted June 22-24.
– CNN Ticker Producer Alexander Mooney