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Obama and McCain: Both Raise Big Campaign Fund Bucks

July 17th, 2008
By JOE GANDELMAN, Editor-In-Chief

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Both presumptive party Presidential nominees are now poised to begin fatly-funded campaigns. Democratic Sen. Barack Obama has raised $52 million in June and if you’ve been weeping over an underfunded Republican Sen. John McCain, don’t: the Arizona Senator used a funding mechanism to raise $62.5 million.

More than ever, 2008 could be the battle of the partisan bank accounts — coming soon in the form of hit piece TV commercials to you.

In the case of Obama, June was a good one for him, the New York Times’ The Caucus reports:

Senator Barack Obama raised $52 million in June, his campaign announced on Thursday morning, more than twice the amount he raised one month earlier before claiming the Democratic presidential nomination.

“We have some big news we want to share with you,” campaign manager David Plouffe said in a message to supporters. “Because of your generosity and commitment, we’re reporting to the press today that this campaign is in a very strong financial position.”

The average contribution to the campaign, he said, was $68.

After breaking fund-raising records throughout the winter and spring, some supporters feared that Mr. Obama’s contributions had slowed considerably. In May, he raised $21.9 million, one of his weakest months.

When asked about the health of his fund-raising a few days ago, Mr. Obama played down any concern, telling reporters: “I think you guys should wait until we release our numbers to make a decision as to how underwhelming they are.”

The Times then says this about McCain:

Last week, Senator John McCain announced that he had raised $22 million in June, which was the best fund-raising month of his campaign. So while Mr. Obama’s $52 million haul is significantly higher, he also faces a bigger fund-raising burden because of his decision to not accept public financing.

But, as the Wall Street Journal reports, you can hold the boo-hoos about the state of funding for McCain’s campaign since where there is a will — and a loophole — there is a way:

Sen. John McCain raised $62.3 million for his presidential bid in the second quarter in conjunction with the Republican National Committee, according to campaign-finance reports filed Tuesday night.

The campaign gathered most of the money using an unprecedented system that allows it to collect checks as large as $70,000 from an individual by parsing the money between the campaign, the national party and state committees in four states. That fund raised $41.2 million in the three-month period.

Campaigns are limited to a $2,300 contribution per individual, but political parties have much higher limits set by campaign-finance law. The $62.3 million figure doesn’t include other monies raised directly by the McCain campaign.

Sen. McCain formed his “joint fund-raising committee” with the Republican state parties in four swing states: Colorado, Minnesota, New Mexico and Wisconsin. When it announced the account, the campaign said it sought out smaller states whose party committees might have trouble raising money independently but were still vital to the Republican’s fall campaign.

And McCain is proving to be different from President George Bush in more ways than one, the Journal reports:

While President George W. Bush used his fund-raising prowess to raise money for House and Senate candidates in 2004, Sen. McCain seems to be keeping the bulk of the money for himself. About $1 million of the proceeds from the account went to each of the state parties during the quarter, $11 million went to the McCain campaign, and $17 million to the Republican National Committee, which typically focuses exclusively on the presidential race.

Taken together this means that all of the speculation that the financial advantage of one side would be overwhelming will likely be proven to be that — just before-the-event speculation that will prove to have been just more cloudy crystal ball gazing in retrospect.

Look for both campaigns to have enough big bucks — particularly because polls show the race increasingly tightening as Obama shifts to the center, loses some progressive support and continues to have big problems winning over some supporters of his former Presidential nomination rival Hillary Clinton.

The GOP (sees that even as bad economc news increasingly tarnishes the Republican “brand” and as Bush’s poll approval ratings sink to Jimmy Carter level, the White House is not out of its grasp and that to all Democrats — particularly those seeking political payback — retaking the White House may not be the top priority this year. Given that fact, and the clout the party has that captures the White House, why shouldn’t GOP money continue to flow?

UPDATE: NBC’s David Gregory reaches some of the same conclusion as TMV but with an intriguing twist:

It appears many Republican donors are buying into the argument that the ONLY shot Republicans have of winning anything is the presidency. And this is hurting Republicans running for the House and Senate where Democrats are dominating on the financial front. Yesterday, the DSCC released a list of 11 races being held in GOP-held seats, and the Democrats were nearly on par or ahead in every race, according to the most recent fundraising report.

Question: Are we seeing the reverse ‘96 effect taking place inside the GOP? In 1996, the word went out that Dole was a lost cause, and all of the GOP’s resources went to saving House and Senate candidates in order to preserve their control of Congress. This cycle, the chance of the GOP winning control of either the House or the Senate appears beyond remote. Does that mean many of the professional GOP-givers are gravitating toward sending money to causes that help McCain? It sure looks like it.

More comments on funding stories HERE.



This entry was posted on Thursday, July 17th, 2008 at 7:12 am and is filed under John McCain, Newsweek Blogitics, Barack Obama, Republicans, 2008 Elections, Democrats, Politics. You can leave a response, or trackback from your own site.

Viewing 18 Comments

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    This shows me two things. It was more a desire to keep Hillary out of the White House then it was Barak Obama.

    Secondly the first date is over with Barak Obama and he turned out to be a boring date.
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    David Gregory is correct about GOP priorities. But will it be enough for McCain? The "tightening" in the race is illusory, as the big national polls released yesterday show. Obama still leads by around 7 or 8 overall. McCain will have enough money to keep from falling further behind as of now, but without a strong organization, a TV-based advertisement campaign will do little for McCain.

    The real question, then, is what do the candidates do with that money? Bush 2004 spent the money not just on TV but on building grassroots GOTV efforts and organizing. Obama has done just that and more. But McCain has not - mostly because his party is unenthusiastic.
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    Neocon,
    How are you forming that conclusion? Obama just raised $52 million, with the average donation $68. That's better than any month since except February. A week or so ago the media speculated that Obama had a poor fundraising month and that he pulled in only about $20 million or so like McCain.
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    I am forming that opinion based upon one thing. The GOP is starting to warm up to McCain in face of one simple fact. Barak Obama is a far leftener and does he really in the end represent Conservatives or GOP in a congress that will have a majority Liberal/Democrats? I hardly think so. He will listen to their views then accept the democratic version and move on.

    I have talked to a huge number of people over the last month. Its what I do. I have found that all those who were angry over the GOP are starting to realize that Obama does not represent change(according to them) and they are breaking out their once reluctant check books because Obama(to them) is nothing more then a fancy speech giver that once he is shown to have to think on his feet is not nearly so non polarizing.

    However its a feeling I get from talking to people that both support and dont support McCain. Even the ones supporting Obama seem to be doing so in the idea that its a vote against GOP'ers and NOT for Barak Obama. These are the ones who are starting to have second doubts.

    I am one. I was going to support Bob Barr because I figured the GOP was a lost cause this year but now Im starting to not be so sure. A vote for Obama or Barr because the GOP needs to be punished could have long term implications for decades. The GOP'ers that I talk to are starting to understand this. That is why Obama who should be up 25 is only up a few points.
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    Finally national poles are largely irrelevant. Its electoral votes.

    When I look at the count I see that strong democrat, weak democrat vs strong republican, weak republican the numbers are:

    Obama 246.
    McCain 193

    Those in play are barely dem 74 which are constantly given to Obama to make it LOOK like he is trouncing McCain. Barely McCain 11. So their are more votes Obama can lose then McCain could lose. 14 votes are TIED.

    McCain needs just 77 votes to get 270. Their are 96 in play. Not to mention Michigan which is weak Democrat. This race is far from over.

    There is a long time till November and the GOP is starting to take heart that there is a chance they could actually win this thing or at least make sure its not a blood bath. That is why the checks are beginning to show up for McCain. Because many of us are starting to see that once in the lead, just as he did with Hillary he is doing in the General now what he did against Hillary.

    Playing not to loose instead of trying to win.
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    Sen. John McCain raised $62.3 million for his presidential bid in the second quarter in conjunction with the Republican National Committee, according to campaign-finance reports filed Tuesday night. The campaign gathered most of the money using an unprecedented system that allows it to collect checks as large as $70,000 from an individual by parsing the money between the campaign, the national party and state committees in four states. That fund raised $41.2 million in the three-month period.


    So can we now retire the bullsh** about how Obama betrayed public financing?
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    So let me get this straight. Obama raised 52 million in JUNE alone. And that is compared to McCain raising 62.5 million in 3 months.

    And now Chris is accusing McCain of cheating?

    Perhaps Cindy McCain could just lend the campaign a billion dollars and all will be well.
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    Neocon,
    Maybe you should check out the rest of the paragraph I quoted. Reading is Fundamental.
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    This is war! And the GOP is desperate. As it should be.
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