If contributions to a political party’s presidential candidates are indicative of the relative excitement of each party’s activists, then the Democratic base is far more enthusiastic about the 2008 election than its Republican counterpart. During the second quarter alone, the eight Democratic presidential candidates received more than $80 million in contributions, while the 10 Republicans collected less than $50 million.
A comparison involving only the top three candidates of each party reveals that Democrats collectively raised $68.9 million (Barack Obama, $32.9 million; Hillary Clinton, $27 million; John Edwards, $9 million), while Republicans collected $42.9 million in contributions (Rudy Giuliani, $17.5 million; Mitt Romney, $14.1 million; John McCain, $11.3 million). In other words, during the last quarter, Democratic candidates received about 60 percent more contributions than Republicans did.
The cash-on-hand figures for June 30 are even more startling. The top three Democrats cumulatively had $94.8 million in cash at the end of June: Mrs. Clinton ($45.2 million), Mr. Obama ($36.3 million) and Mr. Edwards ($13.3 million). The top three Republicans cumulatively had $33.6 million: Mr. Giuliani ($18.3 million), Mr. Romney ($12.1 million) and Mr. McCain ($3.2 million). Thus, the top three Democrats had nearly three times the cash on June 30 than the top three Republicans had.
Let’s look a little deeper at the Republican numbers. According to the original budget for Mr. McCain’s campaign, he was to raise $48 million during the first quarter and another $23 million during the second. Expenditures for the first half of 2007 were projected to be $26 million, leaving a cash balance of $45 million on June 30. But in fact, Mr. McCain’s contributions totaled only $24.3 million during the first half of 2007. And he spent nearly all of it, including $1.7 million more than he raised in during the second quarter. Even the $3.2 million in his coffers on June 30 significantly overstates his financial position for the upcoming primaries. Deduct $1.8 million in debts and set aside the $1.3 million he raised for the general election, which cannot be used for the primaries. That leaves $100,000, a far cry from the $45 million once envisioned.
After raising $21 million in contributions during the first quarter, Mr. Romney collected only $14.1 million during the second. But he spent $20.7 million, nearly 50 percent more than his contributions. Mr. Romney has spent more than 90 percent of the $35.1 million in contributions he has received. After loaning his campaign $2.35 million during the first quarter, Mr. Romney chipped in another $6 million in the second. Were it not for that $8.85 million he gave his campaign, his June 30 cash position would be $3.2 million, not $12.1 million.
Compared to the spendthrift ways of Messrs. McCain and Romney, Mr. Giuliani seems to be the epitome of financial rectitude. With $18.3 million in cash, however, Mr. Giuliani is a piker compared to Mrs. Clinton ($45.2 million) and Mr. Obama ($36.3 million).
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