Tuesday, September 16, 2008

Fighting Over The Money

It seems like the Democrats are fighting over money.

Earlier this month, Senate Majority Leader Harry Reid made a personal appeal to Barack Obama: Help me grow the Democrats’ Senate majority by sharing some of the $77 million you’ve got in the bank.

Obama’s campaign said no.

Although Democratic insiders say a better deal could still come, the Obama campaign so far has agreed only to let Senate Democrats use Obama’s name — as well as those of his wife and running mate — in mail and online fundraising pitches. The campaign has planned no joint fundraising events with House or Senate Democrats, and insiders say none is likely to be held before Election Day.

In rejecting a direct request from his Senate leader, Obama has put a fine point on the financial pressures he’s feeling as the presidential race turns toward the fall.

Obama raised a record-setting $66 million in August, leaving his campaign with about $77 million in cash now. Because he has turned down public financing, he can keep raising money through Election Day. John McCain, having accepted public financing, can’t do that — but he already has the $84 million in public money in his campaign coffers.

More importantly, McCain will get substantial help from the Republican National Committee — which has dramatically outraised its Democratic counterpart — and the Republican Party’s state and local committees.
I discussed ∅bama's money troubles in Obama Piggybank Broke. His figuring was that he had to raise $100 million a month for three months for his campaign and $50 million a month for Congressional races. So although $66 million may be a record it is far below what he needs to win. Given that he outspent Hillary by margins of 3 to 1 or more in a number of states and still lost those states in the primaries he is in a world of hurt. And so is the Democrat Party.

Cross Posted at Classical Values

1 comment:

Hap Hazard said...

Wall Street alarm bells going off, but Obama goes to Streisand's house for a $28 K per person fundraising event. I like McCain's take on her from years ago, seemingly quite relevant today...