(Corrected to reflect 23 Republican seats up in 2008 in 5th paragraph)

If you see congressional Democrats with big smiles on their faces, it’s probably because they have raised significantly more money for the 2008 campaign than their Republican counterparts.
 
Democrats are hoping to pick up a number of seats in both the U.S. House of Representatives and Senate, and at the moment experts believe they have a pretty decent advantage. 
 
The Democratic Senatorial Campaign Committee raised some $55.4 million in 2007 and ended the year with $29.4 million on hand. In contrast, the National Republican Senatorial Committee raised $31.8 million in 2007 and ended with $12.1 million in the bank. 

“From successful fundraising and recruiting to record turnout in Democratic primaries, there is a wave building across the country, and with nine months to go until Election Day, we could very well deliver lasting change,” said Sen. Charles Schumer, a New York Democrat and head of the DSCC.
 
Republicans must guard 23 Senate seats, of which seven are considered very vulnerable. Democrats only have 12 to protect and one is considered at risk, Louisiana Sen. Mary Landrieu. 

The Democratic Congressional Campaign Committee raised $67.5 million and ended 2007 with $35.1 million. The National Republican Congressional Committee raked in $49.5 million last year and had $5.4 million in hand.
 
In the House, where Democrats already have a 31-seat advantage, about two dozen Republicans have decided to retire or seek another office. In contrast, only four Democrats have decided to end their time in the House. 

Click here for more Reuters 2008 campaign coverage. 

- Photo credit: Reuters/Jonathan Ernst (Schumer with Senate Majority Leader Harry Reid last year on Capitol Hill.)