(Agencies)
Updated: 2008-02-01 09:47

A slump in homebuilding, a crisis in credit markets and rising fuel prices are threatening the U.S. economy with the first recession since 2001. Some economists suggest the economy may have already slipped into one, though few echo the "free fall" warning of the Clinton ad.

Although nearly two dozen states will vote on Super Tuesday -- including delegate-rich California and New York -- it is mathematically impossible for either candidate to seal the nomination.

In an e-mail to supporters Wednesday evening, the campaing said it had attracted 224,000 new donors in January for a total of more than 700,000 overall. The $32 million raised in one month matches the campaign's best three-month fundraising period in 2007.

"We think that the strength of our financial position and the number of donors does speak to financial sustainability if it ends up going through March and April," Plouffe said of the possibility of a race stretching toward the summer's nominating conventions. "We think we will have the financial resources to conduct vigorous campaigns in the states to come."

Plouffe said Obama's campaign had its best single fundraising period right after losing the New Hampshire primary to Clinton. In January, Obama won the Iowa caucuses and the South Carolina primary; Clinton won the New Hampshire primary and won the popular vote in the Nevada caucuses, though Obama won one more delegate. She also won popular votes in Michigan and Florida where the candidates did not campaign because no nominating delegates were at stake.

Obama and Clinton have been aggressive fundraisers: Both raised more than $100 million in 2007. While the Clinton campaign has not released its January totals, Obama's results for the month were expected to eclipse hers.

Clinton spokesman Jay Carson said money is "one measure of a campaign. ... It's one of the most important markers in the period before actual voters start voting."

"Once people start voting, that's a more important measure of performance," Carson said.

Both camps emphasize that accumulating delegates is more important than just winning states in the upcoming races.

Obama and Clinton are competing heavily for votes in California, the richest Feb. 5 prize in terms of delegates. Obama has also ventured into New York, forcing Clinton to play defense in a state that has elected her twice to the Senate.

Polls have shown Clinton ahead in both states, but with Obama eroding her margin, particularly in California, which has 370 delegates up for grabs. New York offers 232.

The only two Feb. 5 states Obama is not advertising in are Oklahoma and his home state of Illinois. Plouffe said the campaign also is set to begin radio and television ads Friday in states with contests between Feb. 9 and Feb. 12, including Louisiana, Washington, Nebraska, Maine, Maryland, Virginia and Washington, D.C.

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