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Here are two items that might help to keep the Q1 fundraising totals in perspective:

1. In 1995, Phil Gramm smashed records when he raised $13.4 million in the first quarter.

2. The maximum allowable individual contributions were doubled by McCain-Feingold, one of the few good things about the law. So it is not terribly surprising that candidates in both parties are breaking records.

That said, I'd rather be in Mitt Romney's shoes than anyone else's in the GOP field right now.

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