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* Although President Bush has raised more money than John Kerry--$218 million to $149 million, according to the FEC filings in May--there's a good chance Democrats trying to defeat him will outspend Republicans trying to re-elect him. That's because Democrats hold such a huge advantage among the 527s, independent groups named after a section of the tax code. Unlike the parties, the 527s face few restrictions on their funding. Under the new campaign-finance regime, they've assumed many of the roles traditionally performed by the parties, from paying for campaign ads to getting out the vote. The Democrats were quick to exploit this opportunity and began raising money last year. So far, they've collected nearly $70 million. Much of this cash has bankrolled a series of ads trashing Bush, ...