Romney's Cash on Hand: The Number We've Been Waiting For

McCain Is Toast

By Erick Posted in | Comments (20) / Email this page » / Leave a comment »

A source close to the Romney campaign tells me to look for a cash on hand of about $11.3 million, or, by their calculations, a burn rate of 51%. Romney raised $20.5 million and gave himself a $2.5 million loan for a total first quarter take of $23 million.

51% may sound high, but keep in mind that the burn rates for the first three quarters of 1999 for the 2000 campaign and 2003 for the '04 election were even higher. Additionally, I'm told a chunk of the money spent was on what could be characterized as "start up" costs and not on-going expenses.

All in all though, Romney has only $1.3 million more on hand than Rudy.

Here's something else to try on for size. The bulk of Romney's $23 million is money he can spend in the primary. John McCain, who raised $12.5 million, can't spend all of that in the primary, because a good bit was general election money too. Put another way, Romney has almost as much on hand to spend in the primary as McCain raised for the primary and general election total.

Perhaps we should start calling this a two man race now between Giuliani and Romney.

CORRECTION: The Politico notes that only about $43,000.00 of McCain's money is general election money. Also, all of Romney's $23 million is primary money. Nonetheless, from what I hear of John McCain's cash on hand, Romney and Rudy will both most assuredly have millions more cash on hand than McCain. Thanks to ModerateMike for crying about it and demanding a correction.


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McCain ... gone ... *-sniff-* ... I, I, I, ...

Sniff.

[Gathers himself, restores dignity, adjusts wreath]

A moment of silence for McCain/Kerry, '08.

One wonders how great will be his desire for even more campaign finance reform, now that he sees how important money really is. His efforts to keep people from spending it on politics have not worked so well up to now.

--


See the Academy

It's great news for Romney & Company, but I'm still holding to my promise of not sending any money to anyone until December of this year at the earliest.

I wonder what Presidental campaigns cost on a constant-dollar basis when Abraham Lincoln was running? Just in terms of the bang/buck quotient, I don't think anyone running right now will be a greater President than Abraham Lincoln was, and so I'd like to know how much extra we're all paying...

I really don't like Mitt, just because he comes off as such a fake. What sort of Supreme Court justice do you think he'd appoint? The one he would have appointed back when he was running against a Kennedy? Or the one he's making noises that he would appoint today? And after he's elected President of the United States, where would his allegiance be then?

Rudy seems like a straighter shooter to me. He doesn't change his views on things like abortion for tactical reasons. He's comfortable enough with his sexuality to support basic rights for homosexuals without seeming gay himself. And I like how strong he is too. I'm really concerned when I hear other politicians talking about closing down Gitmo or being all weepy-eyed for Habaeas Corpus when there are REAL cutthroats out there who want to kill us all. Rudy has that Italian toughness thing going on, and I think he could be a really firm leader, not so much in a make the trains run on time kind of way, but in "let's build an aqueduct and kick some Gaulish @ss" kind of way.

______________________________________
The CIA has better politicians than it has spies - Fred Thompson

I really don't like Rudy. And not just because he was a Democrat for most of his life. If its a matter of 'electability', the political power has been shifting South and West. It is the Kennedys, Cuomos, Dukaukis,and Kerrys of the world that have a hard time selling themselves to the rest of the country. So what if we lose the Northeast.

Rudy can be the honorary captain of as many 'Gay Pride' parades as he wants to, that's his option. As mayor he raised taxes in a city that already has the highest per capita tax burden in the country. He committed adultry while in public office. These may be 'resume enhancements' in NY but not with middle America.

As for Mitt, I am willing to give him a try. Several CEOs if high tech firms led by Meg Whitman of Ebay committed huge sums to his campaign in California. Mitt won as an 'unelectable Republican' in the bluest of the Blue States. He is articulate, telegenic, and an impasioed speaker.

Mitt is fit to wear the Reagan mantle more than any other contender. He built a venture capital firm in Boston from a nonenity status to a billion dollar company. He has the smarts, the vision, leadership skills, and looks to win in 2008. He gets my unconditional support.

Sidhartha

Dear “sinisterleft,”

I understand that you don’t like Mitt having changed his opinion on a thing or two. I agree that it would be good to have stability in our leaders. But it is also important for our leaders to have enough humility to admit it when they are wrong—rather than hold on to a bad idea for the sake of stable appearances.

As for your comparison between Mitt and Rudy, I’m puzzled about you concern over stability. Rudy has had more wives than Mitt has changed opinions. Stability comes in more than one fashion. Rudy has flipped flopped more girls out of his bed, while in office, than President Clinton. I have a hard time trusting someone to keep his promises to the Nation when he can’t keep them to his own wives.

I understand Reagan was divorced too, but he had been married to Nancy for a long time before he ran for the Whitehouse. I was worried that perhaps the Clintons would make a spectacle of themselves and get divorced while Bill was still President. I realize now that Mrs. Clinton was far too ambitious to allow that to happen. But the same can not be said about Mrs. Giuliani.

But nobody doubts Mitt’s devotion to his wife or hers to him. Those that know Mitt seem to trust him impeccably.

and also has been misrepresenting himself about more than a few things.

http://www.foxnews.com/wires/2007Apr04/0,4670,RomneyHunting,00.html

Heck even John Kerry blasted Romney on his self proclaimed expertise on hunting.

http://www.hubpolitics.com/archives/000141.php

"The bulk of Romney's $23 million is money he can spend in the primary"

It should say "All of Romney's $23 million is money he can spend in the primary"

You may be right about Rudy and Romney being the last men standing but if Rudy keeps it up this is going to be a one man show.

Here's Ramesh from the corner:

Rudy Mark 2 was straightforwardly for taxpayer funding of abortion. That was the Giuliani we all knew from 1989 until this year. (By the way, if anyone has any quotes from Giuliani expressing his deep personal disapproval of abortion dating from his time as mayor, please send them along.) Since then, things have gotten more complicated.

Then Bill Simon told Kathryn Lopez that he had "assurances" that Giuliani supported the Hyde amendment, which in its present form bars federal funding for abortions except in cases of rape, incest, or threats to the mother's life.

Then the Giuliani campaign explained to The Hotline that he hadn't changed his position: that he merely respected the Hyde amendment as current law. The Hotline took this to mean that getting rid of the amendment would not be a priority for a Giuliani administration. It didn't publish any follow-up suggesting that the campaign had disagreed with the interpretation. Left open was the question of what a President Giuliani would do with a Democratic Congress that sent him an abortion-funding bill. (I don't mind that some of my conservative friends are for Giuliani, but I do wish they weren't such cheap dates.)

The latest comments still leave that question open, and raise some new ones. Giuliani seems to be under the impression that as long as the Supreme Court says that abortion is a constitutional right, states are in some sense—legally? morally?—obligated to help poor people have access to it. Never mind that the Supreme Court itself has said (in a series of 1977 cases) that there is no constitutional right to taxpayer-funded abortion. Are there any other constitutional rights whose exercise Giuliani believes requires taxpayer assistance? We can start with the first amendment and keep going.

which was raising capital, has to be helpful here.

But whenever the people decide they WANT someone, that someone's money problems will vanish, so I wouldn't count McCain out, or some of the less well known candidates should they catch on.

You said "John McCain, who raised $12.5 million, can't spend all of that in the primary, because a good bit was general election money too." Where are you pulling that from? The Politico (http://www.politico.com/news/stories/0407/3416.html) says that "All but $48,000 of McCain's money was raised for the primary, giving him the opening to harvest later contributions for the general election from the same pool of supporters."

I am not saying for sure that you are incorrect but given the fact that you didn't quote any figures...

Anyone who is predicting McCain's CERTAIN demise is overstating their case. I agree that this is a politically vulnerable time for him but his recent comments on Iraq I think will be much more damaging to him than the fundraising figures. If you take the time to look past the raw total, you'll see that McCain had the widest fundraising base of any GOP candidate with 60,000 contributions and the lowest average contribution at $200. He's done the hard part of building a small-donor base. In 2Q he will go after the low hanging fruit.

While Romney's numbers were impressive, there was a lot (in the words of Chuck Todd) of "low hanging fruit" for him to choose from. We'll see if Romney is able to continue his stellar fundraising through the next quarter.

Meanwhile, ModerateMike is right: McCain tapped over 60K sources, which is a strong indicator of support. So while McCain took a hit this week, its far-fetched to say he's out of the top tier. Especially since there's no guarantee that Romney's millions will move him in the polls.

The latest massacre of Iraqi children came as 21 Shia market workers were ambushed, bound and shot dead north of the capital.

The victims came from the Baghdad market visited the previous day by John McCain, the US presidential candidate, who said that an American security plan in the capital was starting to show signs of progress.

So he arranged his market walkabout to try to rescue himself from his stupid comments to Bill Bennett, was caught out anyway when journalists reported on the extraordinary security that accompanied him and now this: insurgents raided the market the very next day and killed 21 Iraqis.

It's bad enough to be caught out lying, but when your effort to support your lie ends up (apparently) getting 21 people killed ... well, I don't think a presidential campaign can survive a sequence like that.

Should have added: source of the italicized quote is this:

http://www.theaustralian.news.com.au/story/0,20867,21496572-2703,00.html

... for reporting how much security it took, McCainLied™ yada, yada, thus giving the idea to hit that marketplace.

--


See the Academy

... it's always a good idea to stop yourself.

Contra Colbert, facts do not have a well known liberal bias. They simply are what they are, no matter who reports them.

Anyway, in these circumstances, there's just no way you can reasonably call media bias. McCain made a big deal out of something that was flat out wrong - despite having every opportunity to gracefully back away - and the journalists knew the truth.

It's their job to be skeptical of public officials, remember?

I sincerely apologize for "crying" about your baseless conclusion and insisting that you use actual figures to back yourself up. My bad--I thought everyone valued fact-based arguments.

Given the turbulence of the primary and the lack of any consensus especially among the Left, it is entirely possible that the next presidential election may have multiple candidates, especially if the primary vote is close.

A scenario-Clinton, Obama, and Edwards run so close a race that no clear wimmer emerges. Obama decides to run as an independent candidate with Kuchinich as his vp.

Another scenario. Gore, feeling rebuffed and ignored by both parties, decides to take his flat earth, I mean his global warming platform to the public as an independent.

A third possibility- unlikely though possible. Hillary loses the nomination in a photo finish. Disheartened, though undeterred, she decides to mount her own independent candidacy as America's matron messiah.

Just some mussings.................

Siddhartha

But I'd bet on a 3-person race coming from the far Right way before it comes from Clinton or Obama. HRC and BHO may be self-absorbed but they are not stupid -- they want to have power and 3rd party candidates very rarely win.

Back on topic, money doesn't equal votes. It sure as hell helps, but leading the money game in the first quarter is only one step in a looong process.

Has been approached by Ralph Nadar for a run as a Green Party candidate. Wouldn't that be a knee-slapper!

Iran takes hostages right after Congress votes to withdraw. My, what a coincidence!

 
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