Some Democrats worry that no big name is challenging Senator Dole. Don’t despair.

The field has narrowed to Kay Hagan and Grier Martin. Both would be good candidates, and both are looking hard at the race.

First, they’re looking at is money.

Dole says she’ll raise $20 million for her reelection. That’s just bluster. Still, a challenger will need $15 million – minimum. That means, starting today, he or she has to raise $1.15 million a month. That’s $288,000 a week. Or $41,000 a day (if you don’t take a day off).

A daunting task.

That’s why North Carolina’s last two Senate candidates – John Edwards in 1998 and Erskine Bowles in 2002 and 2004 – each spent some $6 million of their own money in each race.

Traditional in-state and national Democratic fundraising sources probably would bring in up to $9 million.

The other $6 million has to come from a combination of sources: Democratic Senatorial Campaign Committee help, revved-up Internet fundraising and personal money.

The candidate would need strong help from the Senate committee. Knocking off Senator Dole and picking up North Carolina would be a coup, and hope springs eternal that the state is drifting Democratic in national-level races.

But the DSCC has other races to worry about. Virginia, with Mark Warner running, may be a safer bet for a Democratic pickup in 2008. But Warner has plenty of his own money, thanks to that annoying Nextel phone ring.

The North Carolina candidate also has to hope for a strong boost – or at least no drag – from the presidential ticket. Like John Edwards as the presidential candidate. Or maybe the combination of Hillary Clinton and Beverly Perdue takes women voters away from Dole.

The odds are probably at least 60-40 against a Democrat winning the race next year. But the upside is huge.

Both Hagan and Martin are potentially strong candidates.

Hagan is a savvy, experienced legislator with good political DNA. Being a Democratic woman would be a powerful plus.

Martin is a square-jawed, squared-away soldier who volunteered for duty in Afghanistan after 9/11 – and shipped out six days after his daughter was born. Never underestimate a man who jumps out of airplanes.

Either one would force Liddy Dole to get out of Washington and get around North Carolina the next 13 months.

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