McCain Money News Roundup for Oct. 21, 2008
On the heels of reports that Barack Obama had raised $150 million in September, we learned that John McCain had $47 million on hand for October campaigning. But McCain is still, legally, tapping money from other sources.
As The Wall Street Journal’s T.W. Farnam reports, McCain has been using money from his compliance fund – typically used to cover the costs of, well, complying with federal election law – to cover up to 5 percent of his advertising expenses. And it’s a specific 5 percent: The portion of every ad that declares, “I’m John McCain and I approve this message.” McCain is using his compliance fund to an unprecedented degree, spending more in one month than either President Bush or John Kerry spent in all of 2004.
The New York Times’ Michael Luo and Griff Palmer analyze the explosive growth of joint fund-raising committees in this cycle, a development that has placed “an emphasis on the high-end check that we have not seen since the days of soft money,” according to one expert quoted in the story. Watchdog groups worry about these joint committees because they “allow donors to enjoy the clout that comes with writing a single large check.”
Bloomberg’s Jonathan D. Salant also takes note of the fact that big money still plays a big role in presidential politics, noting that 47 bundlers have raised, combined, at least $23.5 million for the Democratic nominee. Meanwhile, McCain’s 538 bundlers have raised at least $77.8 million for him. These bundlers are often from industries the candidates routinely criticize on the trail, such as lobbying and financial services.
Finally, in more (hopefully) lighthearted news, Russia’s UN ambassador got a few laughs from his colleagues this week by showing off a fundraising letter he received from McCain’s campaign (campaigns aren’t allowed to accept money from foreign nationals).
Tags: bundlers, compliance fund, fundraising, joint fundraising committees, McCain, Obama, Russia
