The biggest question that pros will be asking when they assess Republican presidential campaign finances in October: how much of a cash-on-hand advantage does ex-NYC Mayor Rudy Giulani have? The corollary question: how much has Mitt Romney spent?

Through two quarters, he had spent $15M more than Giuliani , and some Republicans estimate that with his heavy spending on television advertising and the Ames straw poll, he'll exceed Giuliani's aggregate spending by $20M through three quarters.

Giuliani advisers won't provide an estimate of their expected haul -- they are very good at keeping their estimates in house -- but they probably will not raise as much as they did last quarter. Through June 30, Giuliani had raised nearly $35M and had $16M left to spend, a burn rate of about 45%.

Romney has loaned himself nearly $9M, which, when subtracted from his $12M cash-on-hand, would suggest that receipts in have not kept pace with disbursements, generally, which have totaled more than $32M. Romney donors said that they had been told that Romney was prepared to spend another $5M to keep his campaign's budget intact. They give a range of $10M to $12M for individual contributions in the third quarter.

John McCain will raise between $4 and $5M; Fred Thompson will probably raise around $6M.

A back-of-envelope calculation: If Rudy raised $13M and kept his burn rate at 50%, he'll have about $22M in the bank. If Romney raises, at a low end, $15M (including his own contribution) and wound up spending $.75 cents per dollar, he'll have less than $8M in the bank. (His campaign reported cash-on-hand totals of more than $12M last quarter, but, per Political Money Line, it had debts of nearly $10M.)

So -- the answer to the first question we posed: Giuliani may have between $11M and $15M more to spend than Romney as of the end of the third quarter.

His campaign knows, however, that Romney could theoretically write himself another check to keep pace.

We want to hear what you think about this article. Submit a letter to the editor or write to letters@theatlantic.com.