New reports with the Washington State Public Disclosure Commission show former State Senator Dino Rossi with a big fundraising disadvantage in his second bid for governor. But the gap between incumbent Democrat Christine Gregoire and Republican Rossi is closing fast, and with the legislature in session, Gregoire's money advantage is only likely to get more narrow.

Gregoire has raised more than $4.6 million for her bid, PDC reports show, though she's spent a hefty $1.6 million along the way. Rossi, who has been in the race since October 25, has raised $2.2 million and spent a little over $630,000, the Seattle Post-Intelligencer reports. In 2004, the race, which Gregoire won by 133 votes, cost both candidates more than $6 million each.

Kelly Evans, Gregoire's campaign manager, defended the high burn rate, saying it had gone to building infrastructure that will be crucial come November. PDC reports show Gregoire spent more than $100,000 in December for research and consulting, likely indicating heavy spending on baseline polls. Gregoire's spending slowed significantly in January.

Rossi's opportunity to eliminate his opponent's fundraising advantage comes as the state legislature is in session, during which time no incumbent legislator or statewide elected official can raise money. The fundraising freeze is one reason Rossi quit the legislature before mounting his first bid, in 2004.

Raising $2.2 million in three and a half months is impressive, and given the freeze Gregoire faces, Rossi has another month to build his bank account. The state legislature adjourns its regular session on March 13, at the latest. A poll in mid-January showed Gregoire with a wide 13-point lead, though Rossi is well-known in the state and other surveys have showed both candidates running closer to even.

National strategists on both sides agree Washington presents the strongest Republican target for a pick-up in 2008. Top officials with the Republican and Democratic Governors' Associations each say the race will be costly.