It may be a little more complicated than that. Will all the money Bush raised, only a specific portion of it was for ads. They tried to knock Kerry out early by defining him in a bunch of ads they've been running for the past couple of months. Didn't work for the same reason that all the knocks against Bush haven't worked -- most of us have already made up our minds and the ads only intensify the existing polarization.

If what I read is true, most of the money left in the Bush kitty is for the convention and a round of ads nearer the election. That could leave Kerry with a free hand ad wise for the next couple of months. While he hasn't raised as much money because Democrats have been hurt more by the new campaign funding laws than Republicans (the average Republican campaign contribution is much smaller than the average Democratic contribution), he's supported by many more special interest groups who are outside the laws.