Before announcing their decision yesterday to retire from the Senate, both Sen. Chris Dodd (D-CT) and Sen. Byron Dorgan (D-ND), were actively fundraising.

Dodd has about $2.4 million cash on hand in his campaign and leadership PAC accounts, according to the Center for Responsive Politics (CRP). Dorgan has $4 million.

What will they do with this cash? Federal law says they must either return contributions, pay down campaign expenses, give the money to charity, or transfer to other candidates. They can also hold on to campaign funds for future use. Our own Luke Rosiak reported in 2008 for CRP on how many retiring lawmakers appear to use much of their accumulated cash to pay for meals and other entertainment.

The senators may also use their clout to help raise cash for Senate Democrats. Dorgan recently was one of several senators to lend his name as a draw for a December 14 fundraiser for Lee Fisher, who is running for Ohio’s Senate open seat.

See Dodd’s fundraisers here.

See Dorgan’s fundraisers here.

Following up on a Politico report on how Sen. Chris Dodd (D-CT) bashing lobbyists as part of his latest email fundraising pitch, the National Republican Senatorial Campaign Committee (NRSC) sent out an alert to lobbyist donors today assuring them that the folks there appreciate the job they are doing:

For what it is worth, we believe you are doing your job, a job that is very much a part of the democratic process; to make sure Congress understands how proposed policy will affect their constituents, business and other interests around our country. I guess Chris Dodd just wants your financial support but not your company.

The NRSC has a good point: Sen. Chris Dodd has taken more than $400,000 since 2005 directly from lobbyists, ranking them number seven among his top giving industries. We’re doubting Dodd’s invitations to lobbyists for fundraisers like these use the same sort of pitch.

As for the NRSC, seems like the group is committing a veritable “Kinsley Gaffe, “the term used for telling the truth by accident.” (Thanks to my colleague Bill Allison for the reference.) It’s highly doubtful that the committee would be so open publicly about how much it values lobbyists.

Is that the end of the fundraising quarter I hear approaching? Or is March just a great time for partying? Click on our handy calendar feature and you’ll see that campaign donors’ dance cards must be awfully full, with so many functions to attend this month. And I can attest that behind the scenes, our Party Time workers are trying hard to get all of the invitations up on our website as fast as we receive them–but that there are many more to come.

Typically lawmakers speed up fundraising at the end of the quarter. But this is the first quarter in a non-election year–not a time you’d think would be crucial for stacking up dollars. Yet as my colleague Bill Alison writes over in Real Time, even longtime lawmakers like Sen. Chris Dodd may already be feeling nervous about a tough election. Dodd has a fundraiser scheduled for tomorrow evening, March 18, at a location “TBD.” Alas, we have to wait until April 15 to find out how much cash lawmakers raised during the first three months of the year.