U.S. Sen. Christopher J. Dodd said Wednesday that in the high-stakes campaign fundraising battle against Republican millionaire Linda McMahon, he is "not in that league."

McMahon is expected to spend as much as $30 million of her own money as one of five Republicans trying to unseat Dodd in November 2010. Political insiders have estimated that Dodd could spend $20 million to $25 million, but he said that he does not have a specific number that he is expecting to raise.

"I haven't spent that much in five races," Dodd said in a telephone conference call from Washington, D.C., with Connecticut radio and newspaper reporters. "I don't think there's enough money to buy a Senate seat — even at the rate she's talking about."

Dodd raised $7.1 million in his last re-election race in 2004.

His campaign announced Wednesday that he had raised $900,000 in the latest quarter, which was below the $970,000 raised by the Republican front-runner, former U.S. Rep. Rob Simmons. The totals of both candidates were below McMahon's blistering spending pace: She spent $2 million in the two weeks after her announcement on Sept. 16. She also loaned $3 million to her campaign and paid for nearly $500,000 in various expenses on behalf of the campaign.

Ed Patru, a spokesman for McMahon, dismissed the idea that she is attempting to buy the election.

"Connecticut voters are far too sophisticated and too intelligent to be 'bought,'" Patru said. "We reject the notion that because Linda McMahon is not accepting special-interest funds and is investing her own personal resources that that is somehow tantamount to buying an election."

Dodd told reporters that his campaign "lost six or seven weeks" this summer as he had surgery for prostate cancer and then recovered for most of August at his Connecticut home.

Jim Barnett, campaign manager for Simmons, said, "It is almost unheard of for any challenger to out-raise a 30-year-incumbent who also happens to be the chairman of the powerful banking committee, but Rob Simmons has done that not by cutting a massive check to himself, but by gaining the support of literally thousands of supporters who believe in him and know he has the best chance to send Sen. Dodd into retirement and restore common sense and decency to Washington, D.C."

Dodd's campaign also announced the details of a high-profile fundraiser with President Barack Obama scheduled for Oct. 23. The dinner at the Stamford Hilton Hotel starts at 5 p.m., and the cost is $1,000 per person.

During the conference call with reporters, Dodd said he would let the Republicans fight it out in an expected primary in August 2010.

"I'll let them go at it," Dodd said. "In the meantime, I've got a job to do here. That's the best politics in the world."