Report: McCain Almost Broke — Fundraising For Third Quarter In The Dumps
Just as John McCain was enjoying some decent press coverage and a bump in the national polls, the bad news is starting to come up again. The Washington Times reports that McCain has only raised $3.7 million so far this quarter, with less than two weeks to go.
In addition, the campaign is carrying between $2.5 million and $3 million in debts — meaning the campaign is close to bankruptcy.
"The hope was to reach $4.5 million, about a third of what was raised in the 'disastrous' second quarter," said a McCain supporter speaking on background. If the second quarter was "disastrous," what does that make this one? Apocalyptic?
Comments (14)
Daniel wrote on September 20, 2007 10:37 AM:Wow, this is objectively awful news for the McCain campaign. McCain was indeed starting to inch up and this will start another round of "when is McCain dropping out" coverage.
www.campaigndiaries.com Sakitume wrote on September 20, 2007 10:39 AM:Campaign debts are usually forgiven, so you can't use debt as a measure of bankruptcy.
Burn rate is a better measure of potential operational doom -- and in Q2, McCain was spending $3.6 million PER MONTH.
So even given the recent cutbacks, Q3 total haul barely covers ONE month's expenses. Yikes!
DCCyclone wrote on September 20, 2007 10:41 AM:Maybe a relatively minor quibble, but, Eric, it's inaccurate to say "the campaign is close to bankruptcy." A campaign is not like a business, it can, and they often do, carry debt indefinitely into the future. Whatever McCain has as cash-on-hand is available to spend on campaign activities, including TV, regardless of any debt.
That said, I agree completely that McCain doesn't have the money to compete, which always was his doom. I've rolled my eyes the past few weeks at media reports suggesting a possible McCain comeback, as if such a thing is really possible rather than something the media WANTS to happen just to provide an exciting media storyline. Such a thing was never possible after the immigration bill debacle.
McCain is not going to be a top-tier Presidential candidate ever again, and the media should stop pretending otherwise.
Aexia wrote on September 20, 2007 11:16 AM:He's going for federal matching funds now, right? So he can borrow against that, no?
eric wrote on September 20, 2007 11:36 AM:People, people. I don't think Eric means *literal* bankruptcy. We all know that campaigns borrow. What he means is that being this far in the red this early is pretty much bankruptcy for the campaign... as in, kaput.
Jim wrote on September 20, 2007 11:48 AM:Couldn't happen to bigger fool than the desperate, demogoguing war-mongerer McCain has become.
What a sad, pathetic old shell he has made himself into.
What's amazing to me is that he couldn't see it coming. Did he really believe becoming Bush's cheerleader would endear him to a country sick of Bush's war? Talk about tone-deaf.
Scott R wrote on September 20, 2007 12:29 PM:He had his shot in 2000 and his own party dumped him in favor of Bush. He's never been a serious contender since, and the fact that he seems so completely out of touch isn't helping much. Besides, Republicans are lagging in fund raising across the board, who's seriously going to give money to somebody that has absolutely no chance?
bob wrote on September 20, 2007 12:31 PM:Looks like the BS Express is finally gonna run out of gas...even Jon Stewart can't help him now, despite several recent fawning appearances (one via phone).
Michael Ditto wrote on September 20, 2007 1:29 PM:To be fair, this is traditionally a crappy quarter in any election cycle. None of the candidates are going to match their Q2 numbers.
That's not to gloss over the fact that McCain isn't raising any money--he isn't. But unless there was a miracle, (if hostory repeats intself) he wouldn't have beat last quarter even if he were doing relatively well.
Michael Ditto wrote on September 20, 2007 1:30 PM:Yeah I have a typing problem. No reminders please. :-)
SqueakyRat wrote on September 20, 2007 1:58 PM:Uh, yes, campaigns borrow. And we also have word for lending money to politicians who have no prospect whatever of paying it back -- "corruption".
POed Lib wrote on September 20, 2007 3:19 PM:I have nothing but contempt for McCain at this point. His overwheening ambition is blinding him entirely. He has no principles left. He has spent them all in desperate attempt at gaining the nomination. If he gains it, what will his stand on anything be?
The "Straight Talk Express" has become the "Slinking Weasel Jalopy".
Brian wrote on September 26, 2007 3:23 PM:Ron Paul will exceed his Q2 fundraising. The revolution is just getting started.
