With both parties expected to compete aggressively in the special election in New York’s 20th district, January fundraising numbers for the two House campaign committees show both have modest financial means to do battle in the March 31 contest.

Monthly fundraising reports for the four campaign committees are due to be filed with the Federal Election Commission today.

The Democratic Congressional Campaign Committee will report that it ended January with $2 million in cash on hand and $16 million in debt left over from the 2008 election cycle. The DCCC raised $3.5 million last month and spent $2 million.

Meanwhile, the National Republican Congressional Committee had $1.1 million in the bank on Jan. 31 and reported $6.5 million in debts. The NRCC raised $1.5 million and spent $1.3 million last month.

Neither the DCCC nor the NRCC has spent money yet on ads in the New York race to decide who will replace appointed Sen. Kirsten Gillibrand (D).

Democrats selected venture capitalist Scott Murphy as their candidate, while Republicans tapped state Assembly Minority Leader Jim Tedisco.

Both candidates are on TV airwaves with their first ads. Murphy is wealthy and presumably spending his own money to help fund the ads. Tedisco’s ads were funded in part by the Republican National Committee.