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

Fight disinformation: Sign up for the free Mother Jones Daily newsletter and follow the news that matters.


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

We've never been very good at being conservative.

And usually, that serves us well in doing the ambitious, hard-hitting journalism that you turn to Mother Jones for. But it also means we can't afford to come up short when it comes to scratching together the funds it takes to keep our team firing on all cylinders, and the truth is, we finished our budgeting cycle on June 30 about $100,000 short of our online goal.

This is no time to come up short. It's time to fight like hell, as our namesake would tell us to do, for a democracy where minority rule cannot impose an extreme agenda, where facts matter, and where accountability has a chance at the polls and in the press. If you value our reporting and you can right now, please help us dig out of the $100,000 hole we're starting our new budgeting cycle in with an always-needed and always-appreciated donation today.

payment methods

We've never been very good at being conservative.

And usually, that serves us well in doing the ambitious, hard-hitting journalism that you turn to Mother Jones for. But it also means we can't afford to come up short when it comes to scratching together the funds it takes to keep our team firing on all cylinders, and the truth is, we finished our budgeting cycle on June 30 about $100,000 short of our online goal.

This is no time to come up short. It's time to fight like hell, as our namesake would tell us to do, for a democracy where minority rule cannot impose an extreme agenda, where facts matter, and where accountability has a chance at the polls and in the press. If you value our reporting and you can right now, please help us dig out of the $100,000 hole we're starting our new budgeting cycle in with an always-needed and always-appreciated donation today.

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