MainStreet Staff
It Costs Money To Raise Money
In 2008, Obama raised $1 million a day, due in large part to donations from online donors. The site OpenSecrets.org tracks the candidates' expenditures and savings, revealing that Obama raised more money -- especially in the campaign's last quarter - than he spent. As of June 2, 2008 Obama raised $270 million compared to the $216 million he spent on the campaign trail. And what about debt? Obama owes a little over $2 million - not bad for someone who turned down $84 million in public funding. Unlike the high figures of his opponent, McCain is slowly playing catch-up, having raised $96.7 million. And the Republican candidate is steadily perfecting his fundraising skills after brining in $21 million dollars in May. While McCain's campaign debt remains just below $1 million. And with the current focus of campaign fundraising and expenditures, the candidates are shelling out more money. According to the Center for Responsive Politics, candidates may spend upward to $1 billion just to get to the Oval Office. Here's the breakdown:Administrative: $359.8 million
Media: $262.76
Campaign Expenses: $130.76
Fund-Raising: $77.65
Contributions: $30.48 million
ll Other: $16.28 million
Total: $877.73 million While media take up a large portion of a candidate's campaign fund, it's just part of a multimillion dollar effort. Candidates must pay staff salaries, travel expenses, postage, office supplies and even dole out money for refreshments for meetings. And though campaigns are short-lived, it all adds up. When candidates began their campaigns in early 2007, Hillary Clinton's campaign raised $26 million in the first three months. It was during this time, Craig Smith, campaign manager for Sen. Joe Lieberman's presidential bid, told MSNBC that money earned at the beginning of the campaign should be saved. "You want to save it; you want to put as much money in the bank for later. One of the rules of politics is to raise it fast and spend it slow," Smith said. Today, Clinton struggles to pay off a $20 million debt. Debts, however, haven't plagued neither McCain or Obama. And despite the Democrat's decision to reject public financing, McCain plans to continue his fundraising efforts on the campaign trail. "We are probably going to be outraised in this campaign," he told supporters in St. Paul. "But thanks to your support ... we're going to be competitive."
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