Rangel -- who was forced to relinquish his post as chairman of the House Ways and Means Committee in March -- spent nearly double the amount of money that he raised during the period of January through March.
The records find he raised a paltry $108,327 and spent close to $245,000, which includes $60,000 in legal fees defending himself
against ethics charges that have already cost his treasury more than $1.5 million.
He is also $36,000 in debt, leaving him with only $600,000 in the bank.
While this cash chest is generally a good amount for a local congressional seat, Rangel faces two high-profile primary challengers -- state lawmaker Adam Clayton Powell IV and former aide Kevin Powell -- and a tarnished image from recent scandals and investigations.
In a statement, Congressman Rangel's office said in the past he "has been more concerned with raising money for his Democratic colleagues than himself."
For this election cycle, they said he "will raise more than enough money than he needs to run an efficient, effective campaign and get out his message of accomplishments and visioin for the 15th CD."