“[It’s] a humbling achievement, and I am very grateful for your support,” Obama said in another fundraising appeal. “No campaign has ever raised this much in a single month in the history of presidential primaries. But more important than the total is how we did it — more than 90 percent of donations were $100 or less.” The fundraising numbers for February are released, and Sen. Obama raised a record-breaking $55 million (i.e., a full $20 million more than Sen. Clinton.) In other good campaign news, Obama picked up three more supers today (to Clinton’s one: Barbara Boxer.) And TPM’s FlyontheWall explains why the 76 UADs (unpledged add-on delegates) further complicate Clinton’s situation. Did I mention this was over?
Category: The Money Game
More Endorsers. | One Million Strong.
“It’s been a long, hard and difficult struggle to come to where I am now.” I’ll say…Rep. John Lewis officially switches to Obama. Also, North Dakota Sen. Byron Dorgan announced his backing of the Senator from Illinois today, bringing Obama’s superdelegate total to 200. (He still lags behind Sen. Clinton by 56 in the supers category, but has picked up a net total of +34 since Super Tuesday.) Finally, if you’re looking for more endorsements, there are at least 999,998 more of ’em out there: The Obama campaign reaches one million individual donors, and counting. Update: When Rep. Lewis says this was a tough decision for him, he wasn’t kidding.
The Money Pit.
“Hillary Clinton ended January with $7.6 million in debt – not including the $5 million personal loan she gave to her campaign in the run-up to the critical Super Tuesday elections, according to financial reports released Wednesday.” With the January FEC reports filed, Politico takes a look at the sinking fiscal ship that is the Clinton campaign. The key graphs: “According to the reports, Clinton raised about $20 million in January, including her loan. She spent nearly $29 million during the month. She reported a cash balance of $29 million. But more than $20 million of that is money dedicated to the general election. Her personal loan accounts for more than half of the remaining approximately $9 million, leaving just about $4 million in cash raised from donors. But even that money is illusionary when measured against the reported $7.6 million in debts.” So add that all up and you get: no money. (Hence, the fatcat 527.) But the silver lining for Sen. Clinton? At least she’s making interest on that loan.
Over at TNR, Christopher Orr emphasizes this finding from the piece: “More than $2 million of the red ink is owed to chief consultant and adviser, Mark Penn.” So that goes a long way toward explaining why he’s still employed over there these days, despite his obvious incompetence.
And a commenter in the same TNR thread teases out another key line buried in the article: “[T]he lengthy laundry list of IOUs also includes unpaid bills ranging from insurance coverage, phone banking, printing and catering at events in Iowa, New Hampshire and California.” Wait a tic: Sen. Clinton, she of the much-touted mandate, is now ducking the insurance bills? Hmm…maybe affordability is the real problem after all.
Update: Politico‘s Kenneth Vogel has more on where the money went, including $10 million to Mark Penn and $1300 to Dunkin Donuts.
Update 2: The NYT piles on the terrible financing issue: “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…’We didn’t raise all of this money to keep paying consultants who have pursued basically the wrong strategy for a year now,’ said a prominent New York donor. ‘So much about her campaign needs to change — but it may be too late.‘”
Losing Ugly.
As I noted last night, the delegate math would now appear to be out of reach for Sen. Clinton. But, from setting up an anti-Obama 527 to launching a new website aimed at changing the rules to the candidate’s “new” “time to get real” speech, the Clinton campaign looks to go down swinging. In related news, John McCain says pass the popcorn. Update: That 527 has its first ad ready to go in Ohio.
The Clinton Money Crunch.
“We are very frustrated because we have a Supreme Court that seems determined to say that the wealthier have more right to free speech than the rest of us. For example, they say you couldn’t stop me from spending all the money I’ve saved over the last five years on Hillary’s campaign if I wanted to, even though it would clearly violate the spirit of campaign finance reform.”
So said Bill Clinton only a little over a month ago. But, as per the norm with the Clinton campaign, things have now changed: Word leaks out that Senator Clinton is not only planning to self-finance her candidacy with personal “loans” (a la Mitt Romney), but that she already gave her campaign $5 million out-of-pocket last month. (Indeed, money’s gotten so tight around the Clinton camp that, according to Time‘s Mark Halperin, senior staff are now going without pay.)
Meanwhile, Sen. Obama is on pace for another $30 million month and has room to grow, mainly because he’s relying on a wider pool of small donors rather than (as per Senator Clinton) a smaller pool of maxed-out donors and an army of lobbyists. (Which reminds me, Senator Obama accepts donations here.)
I for one doubt Sen. Clinton’s campaign will really run out of cheddar. If anything, the campaign probably put the story out there so as to encourage their supporters to donate in the same fashion as Obama’s have. Still, this Clinton cash crunch further indicates how much of their election strategy was predicated on a Super Tuesday knockout punch. Having swung and missed, the Clinton camp is now nearing broke, and seriously hurting.
More to the point, even notwithstanding the inherent shadiness of self-financing, which no less than Bill Clinton attested to above, this move puts President Clinton’s penchant for troubling deals — such as his recent venture in Kazakhstan — right in the thick of things. Hard to ignore in any event, now this story comes front and center. If the Clintons are breaking into their private stash to get Senator Clinton elected, where did the money come from?
32 Large.
“Obama’s one-month tally is the most ever reported for January of a presidential election year, Federal Election Commission reports show…Plouffe said the Obama campaign counted 170,000 new donors in the last month, bringing its total to 650,000.” Whatever happens Tuesday and thereafter, it looks like Sen. Obama has the money to play. “‘Our strongest day of the whole month was the day after the New Hampshire primary,’ which Obama lost to Clinton, Plouffe said. ‘We took a lot of encouragement from that because it showed the resolve of our donor base.’” Update: As TNR’s Christopher Orr deadpanned, 32 million? Pff. Bill Clinton can make that over dinner.
Paul for Vendetta.
“‘The American Republic is in remnant status,’ he says. ‘The stage is set for our country eventually devolving into military dictatorship, and few seem to care.'” Remember, remember the 5th of November? The Ron Paulies do, raising over $4 million in one day for their man (with help from this site) to commemorate Guy Fawkes Day. “Mr. Benton clarified that Mr. Paul did not support blowing up government buildings. ‘He wants to demolish things like the Department of Education,’ Mr. Benton said, ‘but we can do that very peacefully, in a constructive manner.’” (Just to clarify, however much sense Paul makes occasionally on issues like the Wars on terror and drugs, I find him mostly wrongheaded and frightening.)
Dolla Dolla Hil, Y’all.
Well, if the family business issue is bothering primary voters, it’s not being reflected in the funding tallies. In the third leg of the all-important money primary, Hillary Clinton comes out tops in 3rd quarter fundraising with $27 million raised, with Obama clocking in at $20 million and Edwards — who’s announced he’ll accept public financing — coming in third at $7 million. “Overall, Sen. Barack Obama has raised slightly more than Clinton for the primary, and the two look to be fairly evenly matched financially as they head into the final stretch before the first electoral contests in January.” And, whoever your primary candidate is, the real silver lining here is that Dems overall have raised twice as much as the GOP. “‘This just shows the difficult political climate that Republicans are facing,’ said Scott Reed, a Republican strategist. ‘The bright side is that next spring, the Republicans will have plenty of money to give the candidate who goes up against Hillary Clinton.’” We’ll see.
Court Vision.
Also concerning the NBA (and along the lines of this post last year), friend and colleague Ben of The Oak sent along this noteworthy article on which basketball players are contributing to what 2008 candidates. Supporting fan of the game Barack Obama: NY Knick Stephon Marbury, Shane Battier, Billy King, and Baron Davis. For Edwards (in the past): Charles Barkley, Mike D’Antoni, and Travis Best. For Clinton: many NBA owners, including Paul Allen and the Maloofs. For Mitt Romney: Celtic exec Danny Ainge. For the Dems in general: The Commish, David Stern.
Obama’s 31.
Round 2 of the money game is in the books, and, surprisingly (or perhaps not), Barack Obama came out on top with $31 million to Hillary Clinton’s (estimated) $27 million. (John Edwards pulled $9 million, Richardson $7 million.) “Obama’s war chest in the second quarter was built on the strength of 154,000 new contributors, giving him well over a quarter-million donors since he started the race…[Clinton’s] fund-raising team has been relying much more heavily on larger donors.”