McCain raised "at least $47 Million"

Whoa, Money: The McCain campaign is saying they raised $10 million since McCain announced Palin as the running mate on Friday, and a total of at least $47 million for August. That "represents money raised by the campaign and McCain's share of a joint victory fund set up with the Republican Party."

Think we might see a flip-flop on his accepting public campaign financing?  He's been down that road before, so already has a precedent in place. But no, that doesn't appear to be their tactic here, instead:

...the Republican Party and the campaign will have between $224 million and $240 million available next week going into the fall campaign. That amount would include the $85 million in public funds that McCain will receive after he officially becomes the Republican nominee on Thursday.

This is a hell of a slight for the McCain campaign. In essence, they are taking $85M in gov't monies to run the official campaign, while the 'real' operation is run out of the RNC and the states. Here's the loophole:


After receiving the federal funds, McCain will be prohibited from raising any more money for his campaign. Any cash that is left in his account when he becomes the nominee can be shifted to the Republican National Committee or state party committees that have federal accounts set aside to help his campaign.
This is something that John Kerry could have done in 2004, but didn't. He didn't have the infrastructure set up in the states, and though the DNC did raise money, it wasn't the priority it should have been for Kerry, haven taken the public financing.

This really ups the bar for Obama. Now, in order to just stay even with the pace that McCain is on, they will need to raise $100M each month:

Obama decided to decline his share of federal funds, anticipating he could raise more though private donations. Fundraisers have said he and the Democratic National Committee need to raise more than $200 million in September and October to stay ahead of McCain and make the decision to reject public funds worthwhile.

Now, there is a big advantage that Obama holds over McCain, in not taking public financing. All of Obama's funds can be coordinated with the campaign. For McCain, there's only a limited amount of the RNC (like $30M iirc) that can be coordinated RNC spending with the McCain campaign-- all the rest has to be legally uncoordinated. But, what about the money in the states?  I know of the McCain-Fiengold loophole that's in place for states that allows them to raise unlimited funds, but is there anything in McCain-Fiengold that limits coordination between state party money and the McCain campaign?  

Tags: John McCain (all tags)

Comments

28 Comments

I'm confused about one thing

Why do they say Obama has to raise more than $200 million to make his decision worthwhile?

Surely if he raises more than $84 million, he'll still have more to spend than he would have if he'd taken public financing.

He wouldn't necessarily be even with the GOP, but he'd still be better off than with public financing.

by desmoinesdem 2008-09-01 03:55PM | 0 recs
Re: I'm confused about one thing

Well, they are just grouping all the money together, and are probably assuming that the DNC will not be raising funds-- probably incorrectly.

by Jerome Armstrong 2008-09-01 04:02PM | 0 recs
Re: I'm confused about one thing

Considering last  months haul, it seems like they are wrong.

by bruh3 2008-09-01 04:07PM | 0 recs
Jerome is right

the rnc and mccain together are expected to raise well over 200 mil. together.

We all need to give more to Obama AND the DNC.

See my links and my take on this
http://www.mydd.com/story/2008/9/1/18354 /42159

YES WE CAN do this TOGETHER!

by kevin22262 2008-09-01 04:08PM | 0 recs
I understand that need

I am just trying to figure out why someone would say rejecting public financing wasn't worth it unless Obama raises at least $200 million before the election.

It seems to me that anything he raises above $84 million is money he wouldn't have if he'd taken public financing.

by desmoinesdem 2008-09-01 04:23PM | 0 recs
Good point

especially since many Democrats seem to not want to give to the DNC like repugs give to the rnc.

WE need to be better at raising funds for the DNC.

by kevin22262 2008-09-01 04:27PM | 0 recs
Re: I understand that need

They are saying that because of the financial advantage that the RNC has over the DNC, and the amount of money that McCain is saying that he's going to raise for the RNC in Sept and Oct.

by Jerome Armstrong 2008-09-01 04:30PM | 0 recs
Didn't the DNC outraise the RNC in July?

I'd be surprised if they didn't again in August since they probably had a decent cash injection during and then after the convention thru Sunday.

by conspiracy 2008-09-02 06:42AM | 0 recs
Re: I'm confused about one thing

I don't know where the $100 million-a-month number comes from, but my reasoning for why, say, $85 mil total is not enough is because Obama will have additional opportunity costs by refusing public financing.

In other words, the Obama campaign still has to engage in fundraising efforts, which takes some money itself, but more importantly time...while McCain's people don't have to worry about fundraising. So for it to be worth it, Obama needs considerably more than $85 million total from now to Nov. 4th.

How much these opportunity costs are that need to be recouped, I don't know exactly. But they are probably considerable, in my view.

by Hoyapaul 2008-09-01 07:22PM | 0 recs
anyone know how much Bush's ground game

cost in 2004? It's getting a bit late for McCain to be putting a field operation in place. He's way behind Obama in field offices in a lot of states. In fact, he's got basically nothing going in Pennsylvania:

http://www.bleedingheartland.com/showDia ry.do?diaryId=1848

by desmoinesdem 2008-09-01 03:57PM | 0 recs
Re: anyone know how much Bush's ground game

What I've read is that they are going to put it together in the past two months using pretty much the same players that the Bush team had in 2004.

They spent about $75M in the last 2.5 months in 2004, which was the public financing amount.

The amount isn't as important as the coordination imo.

by Jerome Armstrong 2008-09-01 04:05PM | 0 recs
Re: anyone know how much Bush's ground game

Except that Kerry thought he could pull it together at the end too. Doesn't alot of these things require time to refine. not jus tmoney?

by bruh3 2008-09-01 04:10PM | 0 recs
Re: anyone know how much Bush's ground game

Given all we are seeing with Palin, I'd say coordination and communication are not a strong point of the McCain campaign.  

by yitbos96bb 2008-09-01 04:16PM | 0 recs
Please see my diary

on this topic.

Yes We Can!
http://www.mydd.com/story/2008/9/1/18354 /42159

by kevin22262 2008-09-01 04:06PM | 0 recs
Re: Please see my diary

Great post, good work.

On the topic of the hearings, iirc, that was in relation to whether he could back out of them in the primaries, which he did, and it gave him clearance for doing so.

by Jerome Armstrong 2008-09-01 04:10PM | 0 recs
Thanks Jerome

Just trying to do my little part.

by kevin22262 2008-09-01 04:17PM | 0 recs
Re: McCain raised "at least $47 Million"

In truth though, even if he didn't keep that pace, he is still ahead.   A lot of the raised money would be going to infrastructure building... which he has in place already.  That was the big benefit of the Primaries... Obama was able to build himself a BIG operation.

by yitbos96bb 2008-09-01 04:15PM | 0 recs
The long and hard primary

had many benefits. It showcased the Democrats and Obama to all 50 states. It built the Obama and Democratic base and so much more.

by kevin22262 2008-09-01 04:19PM | 0 recs
Re: McCain raised "at least $47 Million"

Well, they're getting a little more money from me then.

by rfahey22 2008-09-01 04:31PM | 0 recs
Re: McCain raised "at least $47 Million"

Jerome, just looked up the FEC Regulation on this issue - 11 C.F.R. 109.32 et seq., if you want the citation.  Apparently, the RNC can assign its authority to make coordinated expenditures to state parties but the state parties, on their own, have no independent authority to coordinate with the McCain campaign.

Put another way, the $30m limit covers coordination between any and all Republican committees and the campaign.

by ASDem 2008-09-01 04:33PM | 0 recs
Re: McCain raised "at least $47 Million"

That's helpful, thanks for looking it up and passing on the citation.

by Jerome Armstrong 2008-09-01 04:40PM | 0 recs
Re: McCain raised "at least $47 Million"

This whole business is really only relevant if John McCain doesn't choose to ignore the FEC regulations. Because he's never done that before. And it would be ultra-mavericky!

by CrazyDrumGuy 2008-09-01 08:13PM | 0 recs
remember...

the combined Obama ($66 million) and DNC ($28 million) cash on hand on August 1 was about $94 million.  Obama spent about $60 million in July.   If Obama and the DNC raise $80 million per month in August, September and October, that means they can spend about $111 million per month ($94+ $240/three months) in August, September and October.

What concerns me is who has the authority and power to enforce what "coordination" is and what they can do about it if there is coordination.  I'm not impressed with the highly flexible FEC rulings to date.    

At the end of the day, our money advantage is likely to be smaller than initially hoped but we should still be ahead by a material amount.  

Plus, I smell a rat with that $224 to $240 million cash on hand number "next week" that the Republicans claim to have.  Where did that come from?   They're telling us they netted (after August expenses) +$60 million in August?  

by mboehm 2008-09-01 04:56PM | 0 recs
Re: McCain raised "at least $47 Million"

 State parties can't exactly raise unlimited funds, A donor can make up to a 70,000 dollar donation.  That donation can then be earmarked to a specific candidate, whether it be congressional, senate, or Presidential candidate. The money would then go into the general State/party fund, which is all being controlled by the Obama or McCain campaign. Not sure if the money can be transferred from the state party to the national party, not sure it matters, since state parties have pretty big expenses, including ad buys(as long as its not a national ad buy) and staff.

by Mr Sifter 2008-09-01 05:04PM | 0 recs
Re: McCain raised "at least $47 Million"

That seems incorrect info you have. Here's one story of a Texas person making a $125K contribution to the NM State party.

http://www.lcsun-news.com/ci_9818626

by Jerome Armstrong 2008-09-01 05:23PM | 0 recs
Re: McCain raised "at least $47 Million"

That's weird, I was told by a congressional campaign finance director that someone could make up to 70,000 donation to a state party.  Maybe it was a state imposed limit? I look into it a little more.

by Mr Sifter 2008-09-01 06:08PM | 0 recs
Re: McCain raised "at least $47 Million"

Yea, likely state.

by Jerome Armstrong 2008-09-01 07:36PM | 0 recs
Any takers on the Obama haul?

Anything under $60m is gonna be a disaster.

by conspiracy 2008-09-02 06:45AM | 0 recs

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