McCain Has No Money; Obama Has No Debt: Weighing the Candidates’ Campaign Coffers

For indispensable reporting on the coronavirus crisis, the election, and more, subscribe to the Mother Jones Daily newsletter.


Last Thursday was the deadline for the presidential candidates to file their latest fundraising numbers with the FEC. As we await the updates, it’s worth taking a look at their most current numbers, and what they may portend for the general election.

With the media focused exclusively on the battle between Clinton and Obama, Republican nominee John McCain has been spending his time shoring up support for his candidacy—and, presumably, fundraising. According to the Center for Responsive Politics, he really, really needs to: In the month of February, he raised just under $11 million, compared to $34 million for Clinton and $55 million for Obama.The numbers get worse when you look at the whole election cycle: in total, McCain has raised just $64 million, less than half of Clinton’s $170 million, and a third of Obama’s $193 million.

But what’s most striking is the debt. The Clinton campaign has amassed a staggering $8.7 million worth, double McCain’s $4.3 million. Obama, on the other hand, owes only $625,000. By campaign standards, he’s debt free.

What to make of this? If it were only about cash on hand, either Clinton or Obama could trounce McCain in the general election. But Clinton’s campaign spent nearly as much as it raised in February, while Obama’s used only about 80%. The combination of more funds to use and less debt to pay down would give Obama an unquestionable advantage in the general election. On the flip side, however, McCain’s getting a free ride right now. As long as the Democratic infighting continues, he may not need that much money to make his case. But once the general really gets underway, he’ll need to compete with an already-daunting cash lead and a horde of enthusiastic donors. If dollars are what count, McCain loses.

—Casey Miner

SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

payment methods

SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

payment methods

We Recommend

Latest

Sign up for our free newsletter

Subscribe to the Mother Jones Daily to have our top stories delivered directly to your inbox.

Get our award-winning magazine

Save big on a full year of investigations, ideas, and insights.

Subscribe

Support our journalism

Help Mother Jones' reporters dig deep with a tax-deductible donation.

Donate