Barack Obama continues to smash fundraising records, bringing in
$66 million in August. John McCain raised a record (for him) $47
million, aided by enthusiasm for Sarah Palin. But these numbers
only tell part of the story.
Between party funds and campaign funds, the Republicans appear
to have had about $200 million banked as of Sept. 1. The Democratic
total as of that date appears to have been roughly half that.
The Obama campaign reported $77 million in cash on hand as of
Sept. 1. The Democratic National Committee, the main conduit for
party donations to be spent on the presidential race, hasn't yet
reported its August numbers. But given that it has long lagged
behind its Republican counterpart and only had $7.7 million on hand
at the beginning of August, the Sept. 1 total is expected to be far
less than what the Republicans have on hand. Democratic
fund-raisers have said they expect the DNC to report August
contributions of about $25 million.
Sen. Obama became the first presidential candidate to opt out of
public financing and the spending limits that go with it, on the
belief that he could raise more on his own. While his monthly
totals have consistently surpassed Sen. McCain's, it looks likely
that the two will have similar amounts to spend in the weeks
leading up to the November election. Sen. McCain can't spend more
than $85 million of the money he raises, but party committees can
spend whatever they raise.
A big reason the Democrats haven't hit Stacy McCain's "panic
button" is they assumed Obama would have a huge spending advantage
going into the home stretch. McCain, unable to compete in private
fundraising and subject to spending limits, would find himself
outspent, out-organized, and outgunned, negating his gains from the
last two months. It is now looking as if McCain and the Republicans
might actually be in a relatively strong position in terms of
money. If the Democrats haven't hit the panic button yet, they must
be getting close.
topics:
John McCain, Barack Obama, Sarah Palin
