As of this week, Americans for Prosperity has spent more than $27 million on ads since August, putting it on pace to far outstrip its overall $38.5 million budget for the 2010 midterms.

And it’s only February. So where’s the response from Dem groups and wealthy Dem donors?

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The main outside group counter-balancing AFP is the Senate Majority PAC, which spends to elect Dems to the Senate. Ty Matsdorf, a spokesman for the group, says this:

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“It’s unprecedented. It means that groups like ours have to go up early as well. We can’t let those attacks go unchallenged.”

What that really means is: Where’s the money, wealthy liberals?

To put this in perspective, consider these figures. A source familiar with ad buy info collected by the Senate Majority PAC tells me that as of today in Louisiana, AFP has spent over $1.7 million so far on ads against Senator Mary Landrieu, versus less than $650,000 by the SMP.

Meanwhile, in North Carolina, the source says, AFP as of today has spent a staggering $7.2 million against Senator Kay Hagan, versus only $1.4 million by the SMP.

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Those are lopsided imbalances. And it’s going to get a lot worse. Dems expect the Koch network to spend as much as $200 million this cycle.

Meanwhile, the money from the left just isn’t there yet, Dems say privately. If it were, you’d see groups like the Senate Majority PAC, Emily’s List, and the League of Conservation Voters (which is up with an ad hitting Scott Brown in New Hampshire) spending much more in these races, to match AFP’s spending.