money, monEY, MONEY! It takes money to run for president. So how are the candidates doing with money? Well, on Courant.com there’s an article about John McCain called “McCain Facing Finance Complications”. It says in part:
The nation’s top federal election official told Sen. John McCain on Thursday that he cannot immediately withdraw from the presidential public financing system as he had requested, which could dramatically restrict his spending until campaigning for the general election begins.
The implications of the decision by Federal Election Commission Chairman David Mason, a Republican, could be dramatic.
If the commission refuses McCain’s request to exit the system, his campaign could be bound by a potentially debilitating spending cap until he formally accepts his party’s nomination. His campaign has already spent $49 million [of the $54 million he’s allowed to spend], federal reports show.
Knowingly violating the spending limit is a criminal offense that could put McCain at risk of stiff fines and a jail term of up to five years.
On CNN Joe Trippi was asked what this could mean for John McCain and he said we could see McCain run out of money, not be allowed to spend additional money, and end up giving press conferences from his front yard. So he’s apparently having a cash crunch and with the charges reported in the NY Times he’s going to need money to overcome them.
The New York Times has an article called Donors Worried by Clinton Campaign Spending. It says in part:
Senator Hillary Rodham Clinton’s latest campaign finance report, published Wednesday night, appeared even to her most stalwart supporters and donors to be a road map of her political and management failings. Several of them, echoing political analysts, expressed concerns that Mrs. Clinton’s spending priorities amounted to costly errors in judgment that have hamstrung her competitiveness against Senator Barack Obama of Illinois.
But some Democrats are now asking if the money spent on a campaign that appears to be sputtering — $106 million so far — was worth it.
Yet the Clinton campaign at times found itself spending money on items that were not ultimately helpful. As part of their get-out-the-vote effort in Iowa, the campaign came up with a plan to have a local supermarket deliver sandwich platters to pre-caucus parties. It spent more than $95,384 on Jan. 1 at Hy-Vee Inc., a local grocery chain in West Des Moines, Iowa, in addition to buying loads of snow shovels to clear the walks for caucusgoers. Mrs. Clinton came in third in the Jan. 3 caucus. It did not snow.
The article didn’t say that she’s broke; just that she’s making bad and expensive spending decisions. Meanwhile the Los Angeles Times has an article called Campaign funds keep pouring in for Obama and it says in part:
He raised $36.1 million in January, three times more than McCain. A third of the donations were of $200 or less.
Obama raised $36.1 million in January — the second-biggest month for a presidential candidate, according to the Federal Election Commission. Democratic Sen. John F. Kerry had a $40-million month in May 2004.
In a reflection of Sen. Hillary Rodham Clinton’s financial situation, the onetime Democratic front-runner reported $2.5 million in unpaid bills as of Jan. 31. She lent her campaign $5 million in January. According to her filing, she would pay herself 1.26% interest if she collected on the debt by tapping her donors.
McCain also used loans to remain in contention, drawing $950,000 from a line of credit last month. But the Arizona senator’s fortunes changed Jan. 8, the day he won the New Hampshire primary.
Between then and Jan. 31, McCain raised $9.3 million of the $11.7 million he received from individual donors and political committees last month.
So it seems Senator Obama is in the best shape financially. I’d say he also is in the best shape with momentum and excitement. Obama’s doing well. Barack, just a bit of advice. Please don’t scream on camera.