By Emily Cadei, CQ Staff

Minnesota Senate rivals, Republican incumbent Norm Coleman and his likely Democratic challenger Al Franken, announced their biggest fundraising quarters yet in what promises to be one of the most expensive Senate races this election. In the first three months of 2008, both men crossed the $2 million threshold for the first time — Coleman reported over $2 million in contributions, while Franken announced $2.2 million.

Franken continues to lead Coleman in money raised, with $9.2 million total for the election compared to $8.6 million for the Republican. But Franken has been burning through cash at a more rapid rate, leaving him with less in the bank — $3.5 million at the end of March. Coleman, in contrast, has nearly $7 million in cash on hand, according to his campaign. Full financial reports are due with the FEC on April 15.