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Obama outspends McCain in July by 5-3 ratio

Obama outspends McCain in July by 5-3 ratio

After tightening his expenditures in June, Democratic presidential candidate Barack Obama spent far more freely in July, cutting into his cash reserves while mounting an advertising campaign against Republican rival John McCain.
The Illinois Democrat raised more than $50 million in July, a slight dip from the previous month, according to his monthly financial report, filed around midnight Wednesday with the Federal Election Commission. He spent about $55 million, with three-fifths of that devoted to media costs.
McCain had his best fundraising month yet, collecting more than $26 million. He, too, spent heavily _ a total of $32 million, of which two-thirds was on advertising.
On Thursday, the six-member election commission voted unanimously to allow McCain to withdraw from the public matching fund program that limits spending in the primaries. The decision means McCain is not bound by the spending limits that restrict candidates who do accept primary season matching funds.
Had the commission rejected McCain's withdrawal from the system, any spending on his part so far this year in excess of those spending limits would have been in violation of the law and could have been subject to a fine. Apart from that, a violation would have been an embarrassment to McCain, who has been a strong advocate of campaign spending controls.
The commission, however, did not specifically vote on an underlying question _ whether McCain used the promise of public funds to secure a loan to his campaign late last year.
The financial documents filed by the campaigns on Wednesday illustrate the intensity of the contest, even at the height of the usually slow summer season.
The two candidates spent aggressively on advertising. McCain targeted about 11 traditional battleground states and Obama ran ads in 18 states, expanding his sights to states that have voted Republican in the past. But while Obama outspent McCain, polls show the race neck-and-neck, with McCain even closing the gap nationally and in some states.
When it comes to money, though, Obama and McCain face significantly different tasks.
McCain has agreed to accept $84 million in a federal campaign grant for September and October _ a step that is not affected by the FEC's action Thursday on his primary finances. That means he must spend all the money in the campaign's account by the end of the Republican National Convention in early September or donate the balance to the Republican National Committee. He ended July with more than $21 million in the bank.
Obama, however, has decided to bypass the public funds in anticipation of raising far more money on his own. As a result, he must build up his cash reserves. He reported $66 million in hand at month's end.
Obama might have fared better financially, but had to curtail his July fundraising to embark on a week of travel through the Middle East and Europe.
Obama no doubt will see a dramatic surge in contributions this month, centered on the Democratic national convention next week and his acceptance speech spectacle on Thursday at Invesco Field in Denver. But he will probably also have to continue fundraising in September and into October, while McCain is free to campaign with his own federal funds.
Both candidates benefited from new fundraising partnerships with their respective national parties. Of McCain's total amount raised, $5.6 million came from contributions made to a joint victory fund set up with the RNC. Obama reported getting $12.5 million of his total from victory committees connected to the Democratic National Committee.
McCain showed a debt of $2 million; Obama had debts of nearly $1 million.
Sen. Hillary Rodham Clinton, who suspended her race for the Democratic nomination in June, reported a slight reduction in her massive campaign debt, cutting it from $25.2 million at the end of June to $23.9 million at the end of July. Clinton, who lent her campaign more than $13 million, has been struggling to raise money to pay off her vendors. She reported raising $2.5 million in July.
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On the Net:
http://www.johnmccain.com
http://www.barackobama.com
http://www.fec.gov


Updated : 2021-02-27 11:59 GMT+08:00