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Obama spends less in June; Clinton $25.2M in debt
(Agencies)
Updated: 2008-07-21 11:34 WASHINGTON - Barack Obama cut back on his spending in June after securing the Democratic presidential nomination, building up his cash on hand as Republican rival John McCain outspent him with a heavy dose of television advertising.
McCain reported his June fundraising in a monthly report filed Friday with the Federal Election Commission. Obama has until midnight Sunday to file his report. Besides raising his own money, Obama is also encouraging his major contributors to help former Democratic rival Hillary Rodham Clinton retire her campaign debt. On Sunday, Clinton reported having a US$25.2 million debt at the end of June, including her own US$13.2 million loan to the campaign. While McCain reduced his cash on hand from May to June, Obama increased his by US$29 million. The different financial pictures reflect two distinct strategies by the campaigns. McCain plans to accept US$84 million in public funds for the fall presidential campaign, a move that prevents him from raising or spending any more money above that sum. Obama has decided to the bypass the public finance system, the first major party presidential candidate in three decades to do so in the general election. That means Obama needs to build up his cash reserves going into the fall campaign, whereas McCain needs to deplete his. Obama and McCain, meanwhile, are still busy raising money. McCain held fundraisers in the Hamptons in Long Island on Saturday and was headed to Maine on Sunday for more fundraising and a speech in South Portland. One fundraiser, at the estate of billionaire Ronald Perelman, raised money for the campaign, his joint victory fund with the Republican National Committee and various state parties. On Sunday, Clinton, who suspended her campaign on June 7, reported raising US$2.7 million from donors during the month. She also lent her campaign US$1 million to pay off some vendors, bringing her total loan to the campaign to US$13.2 million. Clinton has continued to raise money and Obama has asked that his donors help her as well to reduce her debt. Clinton owed US$5.3 million to her senior adviser and pollster Mark Penn, but aides to Clinton said she first intends to pay off small vendors owed money by the campaign. She has until the Democratic national convention at the end of August to raise money to pay off her loan, an unlikely prospect. After that, she can only pay herself back US$250,000. Clinton ended her campaign with more than US$23 million designated for the general election. She is asking donors whether she can convert that money to the campaign account for her 2012 Senate re-election. Donors can also ask for refunds of that money. |
