2d quarter report: Romney spent nearly all he took in

Mitt Romney spent almost all of the money he raised in the second quarter this year , investing heavily to increase his name recognition through television and radio advertisements and to build his grass-roots operations in early-primary states.

Romney's aggressive spending, detailed in a second-quarter finance report his campaign filed with the Federal Election Commission yesterday, made for an unusually high "burn rate" -- the amount candidates spend compared with how much they raise.

Romney brought in about $21 million in April, May, and June, including $14 million from individuals and political committees and $6.5 million in loans he made from his personal funds. He spent roughly $20.7 million over the same period, ending the quarter with $12.1 million in the bank -- which is only slightly more than he ended the first quarter with.

"We have invested resources in such a way that they are yielding a valuable return," Romney spokesman Kevin Madden said in an e-mail. "Every dollar we have spent has been invested wisely. . . . An important part of our success and momentum so far has been an effective plan to invest our resources in these early states."

Republican rival Rudy Giuliani, a former New York mayor, also filed his second-quarter FEC report yesterday, reporting $18.3 million in the bank after raising $17.6 million in the second quarter and spending $11.2 million. (Giuliani, unlike Romney, is also raising funds for the general election; Giuliani's campaign has said it raised $15 million in primary money last quarter.)

Another GOP contender, Senator John McCain of Arizona, had not filed his report as of yesterday evening, but his campaign had said it raised $11.2 million in the second quarter, a lower-than-expected tally that helped induce a shake-up of his top campaign staff. McCain has just $2 million in the bank heading into the summer.

Romney would have only about $3 million left if he were not in the financial position to write himself seven-figure checks. So far, he's loaned himself $8.9 million and indicated he would continue to tap his personal fortune.

Scott Helman can be reached at shelman@globe.com.