Former Minnesota Republican Gov. Tim Pawlenty has just $1.4 million in the bank to use in the presidential primary after raising $4.5 million in the last three months, the latest troubling news for a candidate who has so far failed to attract much support in early polls. The Wall Street Journal first reported the fundraising totals. Pawlenty's campaign has $2 million in the bank, but $600,000 of that can only be used in the general election.

The candidate needs a strong performance in Iowa's caucuses — he has spent more time than nearly any other candidate in the Hawkeye State in the past year, which borders his home state. But his local appeal has been complicated by Rep. Michele Bachmann (R-Minn.)'s entrance into the race. Bachmann took 21 percent of the Iowa Republican vote in a recent poll conducted by the American Research Group, while Pawlenty took just 2 percent.

Former Massachusetts Republican Gov. Mitt Romney reported last week that he had raised more than $18 million for the race and has $12.6 million cash on hand. Pawlenty's haul about the same size as that of Rep. Ron Paul (R-Texas), slightly larger than candidates like businessman Herman Cain, who brought in $2.5 million in the quarter.

He will need to change slipping expectations fast in order to ramp up his fundraising in the next quarter and stay competitive through next winter's Iowa caucus. Pawlenty is investing big, both with money and time, in the state ahead of the presidential debate and Ames straw poll that will take place in early August.