Santorum raises more than $4 million in January

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And while Santorum should have enough cash to travel around Colorado and Nevada, where the next nominating contests are scheduled to be held, it will be tough for him to compete with Romney's expected momentum and cash flow.

Santorum has also yet to release his fourth-quarter fundraising numbers, due at midnight tonight. Those amounts are not expected to significantly help the former senator, as the reporting period ended on the last day of 2011 — before Santorum's upset Iowa win.