Incumbency has its advantages, but sometimes being a challenger isn't so bad, either. Two challengers running against entrenched incumbents had pretty good quarters over the past three months and raked in some impressive hauls. One remains a long-shot, but the other, Louisiana Treasurer John Kennedy, could be benefiting from the widely-held belief that his bid against incumbent Democrat Mary Landrieu is the best chance Republicans have at picking up a seat.

Kennedy raised $1.4 million in the past three months, actually out-pacing Landrieu, who hauled in about $1 million in the same period. Kennedy will end the period with nearly $2 million in the bank, the New Orleans Times-Picayune's Bill Walsh reports. Landrieu still has a wide cash advantage, with about $4.5 million on hand, but Kennedy's pace suggests he's on his way to catching up.

While Landrieu raised almost three times what she raised in the same period in 2002, the last time she faced a re-election bid, Kennedy shows no signs of slowing down. He will join President Bush at a Baton Rouge fundraiser on April 22, an event that will further help close the gap with Landrieu. In 2002, Landrieu outspend Republican Suzanne Terrell by a wide $9.4 million to $3.4 million margin and captured a 52%-48% win.

In a year when national Republicans have found it next to impossible to recruit top-tier candidates against any of a number of Democrats running for re-election, Kennedy is one of the lone stand-outs. His prominence as the one challenger to really put a Democrat on defense could serve him well as he pitches donors around the country.

In North Carolina, State Senator Kay Hagan remains a long shot to oust incumbent Republican Elizabeth Dole, but that doesn't mean her fundraising is suffering. Hagan raised about $820,000 between January and March 31, ending the quarter with more than $1 million cash on hand. Hagan raised eyebrows in January by reporting more than $560,000 raised.

Figures for Dole's campaign were not immediately available, as a spokesman told Politics Nation they would not release numbers before the pre-primary filing deadline on April 24. Dole has already raised more than $4.8 million this cycle, but thanks to her stint as head of the National Republican Senatorial Committee in 2006, she's also spent $2.4 million of that money. She ended 2007 with $2.6 million cash on hand.

Hagan faces wealthy investment banker Jim Neal in the Democratic primary, though afterwards national Democrats could be well-served by ensuring she has the money to stick around for the long haul. Dole is popular on the stump and can rake in big money for other candidates around the country. If Hagan is able to stay competitive through the later months of the campaign, she could effectively tie Dole down in her home state.

On the other hand, if Dole does travel the country on behalf of other candidates, Hagan might be able to emulate a Democrat from a state to her north. As Virginia Senator George Allen was busy setting up a presidential campaign as he ran for re-election in 2006, he neglected to pay attention to Democrat Jim Webb until he had to make a hectic campaign swing that culminated in him calling a Webb staffer "macaca," a major gaffe that cost him the race. Keeping Hagan competitive will allow Democrats to mute Dole's positive effect on other Republican races and make sure one of their candidates could be in position to benefit from a slip-up.