WASHINGTON (CNN) -- New Mexico Gov. Bill Richardson has raised about $6 million in the first quarter of 2007 after starting his White House bid "from scratch" in late January, a campaign aide tells CNN.

"The governor will have enough to be competitive," said Pahl Shipley, a Richardson spokesman. "We're on goal, on budget, and we're in it for the duration."

Shipley described the Democratic governor and former Clinton Administration official's campaign as "lean and mean," spending about $1 million of the $6 million raised and banking the rest.

Sen. Hillary Clinton's presidential campaign announced earlier on Sunday that it had raised $26 million in contributions for the first quarter while transferring $10 million from Clinton's Senate account. Former Sen. John Edwards reported raising $14 million, about $1 million of which has been earmarked for the general election.

Richardson launched his presidential committee January 22, the same day as Clinton. Though both raised millions for their successful 2006 re-election bids, federal law prohibits Richardson from using any money raised for his gubernatorial account for a presidential campaign.

The New Mexico Democrat, unlike several other Democratic presidential hopefuls, is raising funds solely for the primaries and not for the general election.

All current presidential candidates must report their fundraising and spending activity to the Federal Election Commission by April 15.