Wisconsin’s hotly contested senate race is being closely watched by both Democrats and Republicans, as it could be it a tipping point in the balance of power in the U.S. Senate.

Democrat Russ Feingold, who managed to hold his Senate seat for 18 years, is in for the fight of his political life this November.  Feingold, who flirted with a 2008 presidential bid, is seeking his fourth term in the Senate. While he’s often called a liberal, his voting record appears to be more moderate.  He’s been openly critical of President Obama’s military committment in Afghanistan, and he didn’t support Obama’s financial reform bill, although he does often vote along party lines.  ”My focus continues to be an independent voice for the people of Wisconsin, and my record of opposing the failed economic policies that increased the deficit, shipped Wisconsin jobs overseas and let the big banks on Wall Street drive our economy in the worst recession since the Great Depression”  Feingold says.

Feingold will be doing battle with one of two tough Republican contenders; the most concerning right now appears to be Oshkosh businessman Ron Johnson, who has never before run for political office but is endorsed by the state GOP.  Johnson, who owns a plastics manufacturing plant, calls himself an “outsider” who wants to fix Washington.  ”Its time to send a manufacturer who has experience creating jobs to Washington to cleanup the mess that the career politicians have created” he says.  Its believed Johnson has an advantage in the race because of his personal wealth.  Reports say he invested over $1 million in his campaign so far.  While the primary isn’t until September, Johnson seems confident he’ll win, and be the one to face Feingold in the general election.  Johnson’s already running an attack ad against Feingold, accusing him of not protecting the Great Lakes.   Johnson’s people say they think he can oust Feingold because he’s getting support from all sides,  ”We’ve seen an astonishing number of independents supporting him in this race,” says communications director Kristin Reusch.

The other Republican fighting for position in this race is Dave Westlake, a small businessman from Watertown, and lifelong NRA member, whose support for smaller government and “traditional values” is getting him some Tea Party backing.  A Federal PAC called “Change the Congress in 2010″ is endorsing Westlake, hoping he can knock Feingold out of his seat.  ”This election is going to come down to leaderhip and who can go to Washington and not be changed, and who can stand up for what Wisconsin’s real values are”, he says.   Going up against Johnson’s wealth and ability to pay for campaign ads isn’t easy.  Westlake says he’s trying to combat it with a grassroots approach, going across the state trying to reach people who haven’t been reached yet, trying to get word of mouth exposure.

He’s going to have to work at it pretty hard, because Feingold and Johnson are currently running neck and neck, according to the latest Rasmussen Reports poll from July 13.  In a telephone survey of likely voters in Wisconsin, Johnson gets 47% vs Feingold with 46%.   6% are undecided.   While Feingold’s number has remained the same over the last few months, Johnson has been slowly gaining.  Other polls in “America’s dairy land” show similar figures.  When Rasmussen pits Feingold against Westlake, the incumbent has a bigger advantage; Feingold 51% to Westlake 37%, with 12% unsure or supporting another candidate.

It’s a race that could come down to dollars and cents.  Feingold is said to have over $4 million in his campaign war chest.  While Johnson is believed to have much more than that in his personal accounts.  More money could come pouring in from national groups as the stakes get higher come November.

-Fox News Correspondent Steve Brown contributed to this report

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