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Clinton, Obama pull in most cash
16/04/2007 10:15 - (SA)
Washington - Hillary Rodham Clinton banked a daunting $24m for the Democratic presidential campaign at the end of the first quarter, even as rival Barack Obama outraised her in a display of fundraising prowess.
Clinton, the senator from New York, raised $19m for the primary election, trailing Obama, who collected $24.8m in donations for the primary.
Obama reported $18.2m cash on hand for the primary, keeping him at Clinton's heels as the presidential campaign enters a more intense second quarter.
The first quarter financial reports established Clinton and Obama as the undisputed money leaders of the Democratic field, a significant but not determining factor in politics. The reports also show that as a group, Democratic presidential candidates outraised Republicans by a margin of eight to five.
John Edwards, the Democrats' vice-presidential nominee in 2004, established himself as a likely alternative to Clinton and Obama by raising $13m for the primary and reporting $9.8m in the bank at the end of the quarter.
Clinton was able to boost her cash on hand with a $10m transfer from her Senate campaign account, money left over from her easy Senate victory last year.
Thrifty
Both she and Obama spent similar amounts during the quarter and were thriftier than Republicans Mitt Romney and John McCain, the two biggest spenders in the presidential contest so far.
Clinton reported operating expenses of $5m and a debt of $1.6m. Obama spent $6.6m and had $190 000 in debts. The low spending rate for both is all the more remarkable given the large amounts of money they raised.
The figures are early barometers of a candidate's fundraising base and organisational strength. So far, candidates are on a record-setting pace for fundraising and spending.
For the first time since changes in campaign finance law in the 1970s, many candidates are considering bypassing public money in the general election and are raising money for that cycle as well.
On that front, Clinton leads the way, raising $6.9m, a sum that must be kept separate and cannot be touched unless she wins her party's nomination. Obama and Edwards both raised $1m for the general election.
Among other Democrats, Senator Chris Dodd reported $6.4m in cash on hand for the primary election. That money includes a transfer from his Senate campaign account of nearly $5m.
Romney, Giuliani top Republican fundraisers
Meanwhile, New Mexico Governor Bill Richardson showed surprising fundraising considering a late start and a state legislative session that occupied much of his time. He reported raising $6.25m and $5m cash on hand.
Among Republicans who filed earlier, Romney, the former Massachusetts governor, was the fundraising leader, with $20.7m in donations. But Rudy Giuliani, the former New York mayor, stayed even with him with cash on hand. Both have more than $10m in the bank.
Meanwhile, McCain, the senator perceived as an early leader, had half as much money in the bank as each of his two main rivals and had a $1.8m debt.
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