May 20, 2008 9:00 pm US/Eastern
Obama Reports $37M On Hand; McCain Has $22 Million
WASHINGTON (AP) ―
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Presidential hopefuls Sen. Barack Obama and Sen. John McCain.
Justin Sullivan, Robert Spencer/Getty Images
Democratic Sen. Barack Obama, his presidential money apparatus slowed only slightly, raised more than $31 million in April, outdistancing Republican John McCain, who nevertheless enjoyed his best fundraising month yet.
Obama reported having more than $37 million in the bank at the beginning of May, a sizable sum considering that his biggest primary expenses were already behind him. Obama moved closer to the Democratic nomination Tuesday, but still faces three primaries against a financially weaker Hillary Rodham Clinton.
McCain raised nearly $18 million in April as his presidential campaign consolidated his fundraising base. He spent only about a third of that, capitalizing on his status as the Republican Party's presidential nominee-in-waiting.
Continuing the expansion of his fundraising network, Obama's campaign reported nearly 1.5 million donors. With such extraordinary numbers behind him, Obama appears to have access to a continuing flow of money, though his April total was his smallest haul this year. Overall, he has raised close to $265 million in his White House bid.
McCain filed his financial data with the Federal Election Commission on Tuesday. Obama released key figures from his report and was expected to file, along with Clinton, by Tuesday's midnight deadline.
McCain's finances are an important marker as he moves into direct competition with Obama, who has shown himself to be a fundraiser without equal. McCain has been taking advantage of his status as the all-but-nominated Republican candidate, embracing the big donors from his vanquished foes and putting allies in charge of raising money at the Republican National Committee.
The RNC, which is the party's main political arm, had nearly 10 times more cash on hand than its Democratic counterpart at the end of April, a notable GOP advantage in what has otherwise been Democratic fundraising dominance this election.
The committee on Tuesday reported having $40.1 million in the bank. The Democratic National Committee had $4.4 million.
The RNC raised $15.7 million in April compared to $4.7 million by the DNC.
Significantly, the financial disparity comes in a presidential election year when the candidates rely on the parties to mobilize voters and promote their message. Overall this year, the RNC has raised more than $52 million, the DNC has raised more than $22 million.
The party money will be especially important McCain if he faces Obama because it would supplement his softer financial position.
McCain has put his own team at the RNC to operate a Victory Fund Committee that is corralling top Republican donors. Earlier this month, McCain and the party raised $7 million at a fundraiser hosted by New York Jets owner Woody Johnson. The proceeds of that event were not included in the RNC's latest report.
McCain and the RNC are holding a series of upcoming joint events, including one Wednesday in Irvine, Calif., hosted by Meg Whitman, who is stepping down as president and CEO of eBay. The event is expected to raise more than $2 million. Whitman had been a fundraiser for former McCain rival Mitt Romney.
"Republicans are united behind John McCain and our strong fundraising reflects that," RNC Chairman Robert M. "Mike" Duncan said.
Obama has taken his own quiet steps to take over the DNC and assemble a multistate team for the general election, several Democratic officials said Tuesday. With such a team in place, the DNC would be able to tap into Obama's prodigious fundraising.
The DNC has lagged in fundraising for some time, a condition made all the more difficult by the Democrats' protracted presidential primary. Top donors have been cheering on either Obama or Clinton and have not turned their attention to the party's needs. Together, Obama and Clinton have raised more than $400 million over the past year and a half, siphoning much of the party money.
Fundraisers for both candidates say that once a candidate is assured the nomination, the money will flow to the party.
Last week, the DNC announced agreements with Obama and Clinton to begin raising money together.
As part of the unusual pact, donors can contribute up to $33,100 to the newly created Democratic White House Victory Fund. The money would benefit whichever candidate becomes the nominee. Some Democrats said the deal would permit some of Clinton donors to get behind Obama without having to write a check directly to his campaign.
But several Democratic fundraisers said they did not expect the DNC to see much more of an influx of money until June, at the earliest. Some have voiced worries that the sometimes rancorous Democratic primary could leave some donors embittered, requiring careful nurturing from the ultimate winner.
Hassan Nemazee, one of Clinton's finance chairs, said it is up to the eventual nominee to reach out to the vanquished candidate's financial backers.
"The rapidity and the effectiveness (of unifying the two camps) is 100 percent a function of the campaign that has succeeded to reach out and embrace and encourage the supporters of the campaign that is not proceeding to join them," he said.
For McCain, the RNC will play a significant role in countering Obama's financial advantage during the summer months and during the fall campaign. McCain plans to accept public financing for the general election - a sum of about $85 million. Obama is expected to decline the public money, raising more on his own. On Tuesday, his campaign reported he had $9.2 million set aside for the general election.
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