According to Federal Election Commission reports, Pallone ends March with $3.7 million cash on hand, more than twice the $1.6 million cash on hand likely opponent, Newark Mayor Cory Booker, posted for the quarter. But the $459,550 he raised by the end of March is less than a quarter of what Booker raised during the same three-month period.

Pallone began the year with $3.4 million already amassed in his House campaign war chest, all of which can be transferred over to a Senate campaign committee if he does enter the race for retiring Sen. Frank Pallone's (D) seat.

His early start and substantial cushion in cash on hand may have given him some flexibility in first-quarter fundraising, but he'll need to step up his quarterly fundraising pace to meet Booker's pace if he hopes to post a strong challenge against him in 2014.

Booker raised nearly $2 million in the first quarter of the year, more than nearly every incumbent Senator up for reelection in 2014.

Those millions came from dozens of events over the past three months that took him far and wide outside of Newark, including stops in Florida, New York, California and D.C. Some Booker critics have raised his fundraising trips and pace as evidence he hasn't spent enough time in Newark, an issue that's likely to arise in what could be a contentious primary.