Did the Blunt team lower expectations enough?

The signs were all there:

It's not hard to see why Blunt & Co. were lowering expectations. Robin Carnahan almost doubled Blunt's fundraising for the first quarter ($1,048,023 and $542,000, respectively), and almost tripled his total from individual contributors. And at the same time, Blunt burned through almost twice the cash, in less time.

Photo from the Washington Independent.