Giuliani leads GOP hopefuls in fund-raising
Romney's camp a close second
WASHINGTON -- Former New York City mayor Rudy Giuliani raised $15 million for his presidential primary campaign in the second three months of this year, besting opponent Mitt Romney by $1 million in total donations and establishing himself as the leading fund-raiser among a crowded field of GOP contenders.
In addition to the $14 million he raised in contributions, Romney donated $6.5 million of his own money to fatten his campaign chest for the primary, bringing his total revenues for the quarter to $20.5 million, the former Massachusetts governor's campaign said yesterday. Giuliani took in $15 million in donations for the primary election, and an additional $2 million for the general election, should he win the nomination.
"I think this is an indication we're running a strong and very efficient campaign, one that ultimately is going to make us win the primary," said Giuliani spokeswoman Maria Comella .
Romney's camp was also encouraged by its fund-raising statistics, noting that Romney had more than doubled his number of donors from 32,000 contributors in the first quarter to a six-month total of 80,000 donors. Romney supplemented his campaign chest with his own money because he wanted to make sure "we have all the resources needed to sustain our growth and communicate the governor's message," said spokesman Kevin Madden . Romney has spent millions on television advertisements to introduce himself to voters, while his rivals have yet to go on the air.
The second-quarter numbers confirm what campaign specialists have been predicting -- that the 2008 presidential campaign will be by far the most expensive race in history. Senator Chris Dodd , Democrat of Connecticut, for example, took in $8.8 million during the first three months of the year, an amount that would have been stunning just four years ago. And New Mexico Governor Bill Richardson also a Democrat, raised $6.2 million during the first quarter of the year and a surprising $7 million from April to June. But both are considered second-tier candidates, in large part because other candidates have far outpaced them in fund-raising. "It's really kind of freezing candidates out. It's making it more difficult for their voices to be heard," said Jamie Pimlott , a research analyst with the nonpartisan Campaign Finance Institute, which studies campaign fund-raising and spending trends.
The fund-raising numbers, like early poll numbers, are not clear-cut indications of a candidate's support or staying power, campaign analysts say . Romney, for example, has taken in nearly $44 million so far this year for his campaign. But he has just $12 million in cash-on-hand, having spent a great deal of money on TV advertisements and other efforts to make himself known around the country.
If the approximately $9 million of Romney's own money is subtracted from that amount, his cash-on-hand from supporters would be $3 million. That's only $1 million more than the amount Arizona Senator John McCain, another Republican, has on hand for his campaign. McCain's cash situation forced him this week to lay off some campaign staff and ask others to work as volunteers.
And while Romney did not out raise his opponents this quarter, he did expand his contributor base to a total of 80,000 so far this year, indicating that he is increasing grass-roots support. McCain has far less money available, but has about 70,000 donors, a campaign spokesman said. He said the number of donors was higher than the first quarter, but did not disclose the exact statistics. Comella said the Giuliani campaign was still tallying its number of donors and would announce the results later this week.
A personal loan is also often an indication that a campaign is struggling financially, and Romney's contribution to his own campaign chest at this early stage is unusual, Pimlott said. But Massachusetts Senator John Kerry , a Democrat, took a similar risk in late 2003, mortgaging his house to funnel an additional $6.4 million into his campaign. The top two Democratic fund-raisers, who announced their totals over the weekend, have raised considerably more than the top two Republicans. Illinois Senator Barack Obama raised $31 million in the second quarter for the primary, ahead of New York Senator Hillary Clinton's $21 million. 