Obama Had $66 Million in the Bank as of October 15
by Jonathan Singer, Thu Oct 23, 2008 at 09:38:15 PM EDT
I noted earlier in the evening that the McCain campaign had whittled down its cash reserves to just $24 million as of October 15, leaving it just over $1.2 million to spend per day, not a great deal of money. According to the latest campaign finance filings, the Obama campaign had significantly more money in the bank as of the same time. Here's the AP:
Democratic presidential candidate Barack Obama reports raising $36 million for his campaign during the first two weeks of October.
Obama's fundraising pace showed a marked decline compared with the $150 million he raised in September. That's according to a financial report he filed with the Federal Election Commission late Thursday.
Obama spent more than $105 million from Oct. 1 to Oct. 15. At that pace he would more than double his record spending from September.
He had nearly $66 million in the bank at the end of the two-week period.
A few things to note. First, the Obama campaign had about 2.5 times more money in the bank as of a week ago than the McCain campaign. Though the combined efforts have closer to similar amounts of money when the Republican National Committee and Democratic National Committee are taken into account, the party committees are significantly more constrained than the candidate committees in spending on the presidential election. What's more, while the Obama campaign can, and no doubt has and will continue to, fundraise, the McCain campaign is stuck with the money it has (which by now may be as little as $12 million by now).
That all said, as you can all see, unless more money goes into the Obama campaign's coffers, it won't be able to spend at the roughly $7 million per day clip at which it was going earlier this month. This doesn't mean that the campaign is cash-strapped. Even without any more contributions, it would be able to spend about $3.5 million per day (a very hefty amount of money). Indeed, Al Gore and George W. Bush only had slightly more money -- $68 million -- to spend over the entire general election campaign in 2000 instead of the final three weeks.
Nevertheless, these numbers underscore a key point: Obama still needs our help. We're in a good place, but this race isn't over. We can't take anything for granted. We need to hit the pavement hard over the next 11 days and leave nothing on the line. And if we can, we should make a contribution to his campaign.