The remaining Republican presidential candidates are scrambling to raise money before next Tuesday's primary in New Hampshire.
Former Massachusetts Gov. Mitt Romney already has built up a substantial campaign fund, spending more than $17 million on television advertising since last January.
Former Pennsylvannia Sen. Rick Santorum, who finished a close second in the Iowa causes, raised $1 million on Wednesday alone.
But whether or not Santorum can compete financially with Romney, who raised more $32 million in the first nine months of 2011, remains to be seen.
Meanwhile, Rep. Michelle Bachmann, R-Minn, announced Wednesday that she's dropping out of the race for the White House after her last place finish in Iowa.
"I have decided to stand aside. But make no mistake, I'll continue to be a strong voice. I'll continue to stand and fight for the American people and our freedom," Bachmann told a room filled with reporters.
"Because Mr. Franklin and all the founders -- all the men all the women who have given their last full measure of devotion -- our military, our veterans are watching us," she added.
Texas Gov. Rick Perry has decided to stay in the race. Many observers had thought he would drop out after a poor showing in the Hawkeye State.