McCain Campaign Down to Its Last $24 Million
by Jonathan Singer, Thu Oct 23, 2008 at 05:55:24 PM EDT
McCain, who has accepted public financing for his campaign, is restricted in his spending. As of Oct. 15 he had more than $25 million in hand, but more than $1 million debts. The RNC, which has been helping his candidacy, had more than $59 million in the bank.
At McCain's spending rate of $1.5 million a day, the Arizona senator likely has only $12 million to spend in the next 11 days before the Nov. 4 election.
Republicans might point to the Republican National Committee's still relatively flush coffers as a way to argue that they will be able to effectively wage a campaign against the Obama campaign. But as I have noted before, and Marc Ambinder explains, RNC independent expenditure dollars just aren't worth as much, in a sense, as dollars spent by the actual campaigns.
But comparing IE spending and campaign spending is like comparing fermions and bosons. IE committee don't get the preferred rate; campaigns do. So the Obama campaign, by consolidating spending, gets more bang for its buck.
We do not yet have the fundraising and cash-on-hand numbers as of October 15 from the Obama campaign and the Democratic National Committee -- they are required to be in to the FEC by midnight -- but unless the spigot of grassroots support for the campaign got unexpectedly shut off at the beginning of the month, it's likely that the Democrats will have significantly more money than their Republican opponents to make this final sprint to election day. In short, this ain't a bad place for Obama to be 12 days out from November 4.