Obama Had $66 Million in the Bank as of October 15

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.

Tags: Barack Obama, Fundraising, White House 2008 (all tags)

Comments

15 Comments

Re: Obama Had $66 Million in the Bank as of Octobe

That's a lot of money to spend in the next ten days.

by Lefty Coaster 2008-10-23 09:56PM | 0 recs
Re: Obama Had $66 Million

I thought the ad time was already reserved and paid for through election day.

by RandyMI 2008-10-23 10:00PM | 0 recs
Costs already accrued?

Agreed - I would think a lot of costs through November 5th have already been accrued.  

sPh

by sphealey 2008-10-24 03:59AM | 0 recs
Thanks for the PUSH!

This last paragraph says it all.

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.

So please DONATE again!
http://my.barackobama.com/page/outreach/ view/main/kevin22262
Time, Energy and Money!

by kevin22262 2008-10-23 10:01PM | 0 recs
Re: Obama Had $66 Million in the Bank as of

So, the midnight deadline for tonight... does that really mean 3am to take account of the west coast?  Or am I too late here in the Eastern time zone for a donation before they allocate resources...

by LordMike 2008-10-23 10:07PM | 0 recs
Obama's spending includes

a large amount ($14Million) given to state parties, which presumably wouldn't need to be done again.

by John DE 2008-10-23 10:13PM | 0 recs
I just gave

again to Barack Obama
http://my.barackobama.com/page/outreach/ view/main/kevin22262

I also gave again to Darcy Burner and Chris Gregoire (WA Gov.)
http://www.actblue.com/page/wethepeople

by kevin22262 2008-10-23 10:13PM | 0 recs
Re: Obama Had $66 Million in the Bank as of Octobe

Also from the AP.

But McCain's Oct. 1-15 filing showed that the campaign paid $22,800 to Palin's traveling stylist, Amy Strozzi, an acclaimed celebrity makeup artist. In contrast, McCain's foreign policy adviser, Randy Scheunemann, was paid $12,500, the report showed.

by Jonathan Singer 2008-10-23 10:30PM | 0 recs
Re: Obama Had $66 Million in the Bank as of

$24M over 12 days is $2M a day; not $1.2M.

by Sandwich Repairman 2008-10-23 11:40PM | 0 recs
Re: Obama Had $66 Million in the Bank as of

It was 24 Million on October 15th. Today is the 23rd. You have to assume he spend some money in the last 8 days.

by JDF 2008-10-24 02:41AM | 0 recs
Re: Obama Had $66 Million in the Bank as of Octobe

Im going all in on this one.  My last contribution to Obama last night for 1 K.  We better win, and if we dont at least i get the collectible car magnet.

by Winston Smith 2008-10-24 01:50AM | 0 recs
Re: Obama Had $66 Million in the Bank as of Octobe

according to the numbers i read the obama campaign spent 100 million during the first two weeks of october.. thats unbelievable....there is no way that his fundraising can support that for the next 9 days.. at least i don't think so..

lets assume they had 66 million as it says october 15...

and that as is highly likely they spent another 50 million between october 16 and october 23..

that would leave them 16 million.. now how much money could they have raised between october 16 and 23 particularly given that the report came out about him having raised 150 million in september and how flush with cash he was..

i guess what i'm saying is that i wouldn't be surprised if they have to recallibrate spending a bit... i mean can they keep spending 6.5 million every sunday during national ad buys for NFL games??? thats a lot of money

we'll see.. there's only 11 days left....its important to finish strong..

by obama4presidente 2008-10-24 07:30AM | 0 recs
Re: Obama Had $66 Million in the Bank as of Octobe

Let me add the correct numbers are OBAMA SPENT 105 million for th first two weeks of October.. that is simply unheard of...

The saturation of ad markets is working but I don't think he is going to have the funds to keep that up for the last 11 days and thats a pity.. because he'd need to spend 7.5 million a day which is 82.5 million! to put this in perspective he is looking to spend in the last 11 days what McCain will have spent in 60!

I did get a lot more desperate sounding obama/michelle money requests... so he's definetly looking to maintain that spending but its tough...

to me this is the big news of the morning..

by obama4presidente 2008-10-24 07:34AM | 0 recs
I'm giving to OR &GA Senate & No on 8

Nate Silver said a few weeks ago that contributions to the national race from then on would make a nearly insignificant difference.  Close Senate races and the annoyingly close vote to take away civil rights in CA need my $ more, and will get it.  

by chiefscribe 2008-10-24 07:39AM | 0 recs
$66 Million in the Bank as of October 15

You know it drives me crazy that I keep contributing out of a miniscule budget that has just gotten more miniscule (work cut-backs), while I have so many friends who are really engaged in following the campaign, supporting Obama and local Dems, but who will not part with their money.

It's as if they see it as some kind of scam (well he has enough, they all do).  Grrrrrr.  So I just threw in a little more and sent some e-mails out to the intransigents I know but without much hope of results.  What is it with some people?

by mady 2008-10-24 07:40AM | 0 recs

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