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Democratic Presidential candidate Sen. Barack Obama (D-IL) speaks to supporters during a campaign rally at Reunion Arena in Dallas on February 20, 2008. More than 17,000 people filled the building for a chance to see the Illinois senator on his first public appearance in Dallas since announcing his presidential candidacy. (UPI Photo/Robert Hughes)

The Illinois senator reported raising nearly $37 million and spending nearly $31 million in January, Politico said Thursday. He ended January with $25 million cash on hand -- of which roughly $20 million can be spent on the primary -- and he reported having $1 million in debts.

Obama's rival, New York Sen. Hillary Clinton, ended January $7.6 million in debt, not including the $5 million she leant her campaign.

Clinton reported raising about $20 million in January, including her loan, but spent nearly $29 million during the month. She reported a cash balance of $29 million, but more than $20 million of that is money that may only be used in the November general election.

Clinton spokesman Phil Singer said the campaign is on track to break its monthly fundraising record.

"Thanks to an enormous outpouring of support, we will raise more money this month than in any other so far. We have all the resources we need to compete and win," he was quoted by Politico as saying.