Democrat Mark Udall raised $12.6 million in his successful bid for the U.S. Senate, while Republican opponent Bob Schaffer raised nearly $7.4 million.

But Schaffer ended the campaign debt-free, while Udall still owes $231,177, according to campaign finance reports released Monday.

Udall and Schaffer set the record for the most money ever raised by a Colorado U.S. Senate candidate from their party - no surprise, given that each U.S. Senate campaign is more expensive than the last.

Udall's take includes $1.26 million he transferred to his Senate campaign from his congressional campaign account.

Monday was the deadline for federal candidates to file campaign finance reports with the Federal Election Commission. The reports cover contributions and expenses from Oct. 16 through Nov. 24.

"We'll pay off our debt in the coming months," said Udall spokeswoman Tara Trujillo.

Schaffer's campaign manager, Dick Wadhams, estimated that after the final bills are paid, Schaffer will have about $100,000 on hand.

The campaigns provided a summary of expenses and contributions, not detailed reports listing each expenditure.

In addition to money spent by the campaigns, outside groups spent about $27 million on the race, mostly on attack ads.