Breaking: Obama stumbles to a $22 million May
posted at 9:41 pm on June 20, 2008 by Ed Morrissey
Send to a Friend |
Share on Facebook | printer-friendly
Barack Obama may want to rethink his position on public financing after all. Not only did he lose most of the contests over the last three months of the primary, his fundraising numbers declined during the same period. In just-released figures, Obama had his weakest fundraising month of 2008 in May, outraising John McCain by only a million:
Democrat Barack Obama raised $22 million in May for his presidential campaign, his weakest fundraising month this year, and ended the month with $43 million cash on hand, the campaign reported Friday.
That puts him behind McCain, after spending $5 million more in May than he raised:
The May figures place Obama and McCain on nearly equal footing. McCain raised $21 million in May and reported $31.6 million cash on hand at month’s end.
But McCain also benefited from the Republican National Committee, which reported $53.5 million cash on hand to the Democratic national committee’s $4 million. The parties are already working with their respective presidential candidates to coordinate their campaigns.
I noted before than Obama’s fundraising peaked in February, when he raised an amazing $50 million. In March, he dropped to $40 million, and April $32 million. By the time May rolled around, he had to deal with his derogatory comments towards Midwestern voters, Jeremiah Wright, and the series of gaffes that had begun to plague him after the Pennsylvania debate in April.
Hillary Clinton’s money woes complicate this as well. She has over $20 million in debt, perhaps more than $30 million. Obama obviously cannot retire that debt himself, which means she has to spend her time holding fundraisers for herself and not for Obama. While she does that, attention will get diverted from Obama and potential funds that could go into his campaign will be lost to pay off Hillary’s debts instead.
John McCain, on the other hand, has steadily improved his fundraising since clinching the nomination. He has also worked efficiently, spending far less than he raises while managing to remain in the media spotlight. McCain learned his lesson last summer, and his coffers remain full. McCain has the advantage of not having to retire someone else’s debt before the convention, or having potential fundraisers for his campaign go to retiring other Republican debt.
The wheels have started coming off the Obama bandwagon. His supporters talked about having a $100 million June, but it looks like the Democrats have wrung most of the funds they could get in the primaries. Small wonder that the campaign waited until Friday night to release this information.
You must be logged in to post a comment.
Blowback
Note from Hot Air management: This section is for comments from Hot Air's community of registered readers. Please don't assume that Hot Air management agrees with or otherwise endorses any particular comment just because we let it stand. A reminder: Anyone who fails to comply with our terms of use may lose their posting privilege.
Trackbacks/Pings
Trackback URL
Comments
As long as BO wants to take over the health care industry, corporate owners will bankroll him. They are tired of paying for employees’ health plans & they welcome a gov’t takeover.
jgapinoy on June 20, 2008 at 9:47 PM
I suppose this means that refusing campaign funding makes sense; there may be little more in the way of private-citizen contributions (now that we know more about BO), but George S. and the SF Billionaires still have plenty of money. I suppose that tracking their contributions will now be impossible.
Arbalest on June 20, 2008 at 9:48 PM
He better hope for more change to come his way.
ThePrez on June 20, 2008 at 9:52 PM
Somehow I don’t think Hillary’s female supporters are going to be tossing Obama their cash anytime soon, after that “get over it” comment…
Go PUMAs!!!
Wanderlust on June 20, 2008 at 9:53 PM
The way I understand this is she has about $11 million in personal debt she loaned to her campaign. So in “retiring” her debt, will she recoup that $11 million to her personal coffers? I mean, will people be donating money directly to her? And, if that is the case, will peol\ple really be willing to give their money to someone with a net worth (with her husband) of over $100 million?
I mean, did Romney recoup his personal loss with donated money?
VolMagic on June 20, 2008 at 9:54 PM
Maybe things are starting to turn. Is there anyway they can get that $100 million dollar June?
Terrye on June 20, 2008 at 9:55 PM
Obama stumbles to a $22 million May -click it
Chakra Hammer on June 20, 2008 at 9:57 PM
VolMagic:
I can’t even imagine Romney hitting people up for money like that.
Terrye on June 20, 2008 at 9:57 PM
According to Newsweek, he’s ahead of McCain in the polls by 15%. Or was it 30%? Or was it 50%?
Django on June 20, 2008 at 10:00 PM
Laugh, damn you, LAUGH!
ThePrez on June 20, 2008 at 10:03 PM
Oh this is getting too funny!
I think his “logo” thing is making him appear mighty arrogant to those independents
ArmyAunt on June 20, 2008 at 10:04 PM
And such a fair poll it was:
23% Republicans
38% Democrats
35% Independents
ArmyAunt on June 20, 2008 at 10:06 PM
The MSM doing the Poll dance to try and keep Obama’s head above water, then he comes up with a stupid “Seal” Sheesh..
Chakra Hammer on June 20, 2008 at 10:09 PM
I’m sooooooooooo confused. It seems this money roller coaster story changes minute by minute. One story says he is working on half a BIL. Now he is suddenly ready for Chapter 13 protection. Like I said….I’m sooooooo confused.
Just tonight PBS (of all the damn organizations) hammered Obama about his campaign finance flip flop. Mark Shields (of all the damn people) took him to the wood shed over it.
The basic premise was that Obama LIED about the Republicans having money and using that lie as an excuse to turn down public financing. Now am I supposed to believe Barry, or PBS, or AP, or Ed, or do I have to call my ex-wife so she can try to explain all this stuff to me?
Limerick on June 20, 2008 at 10:13 PM
So much for Obama being the 500 Million Dollar Man
CultureWar on June 20, 2008 at 10:14 PM
Heh.
Perfect timing on Bambi’s part.
misterpeasea on June 20, 2008 at 10:18 PM
Can he flip again? And opt for public financing?
Sue on June 20, 2008 at 10:22 PM
That is what I want to know Sue, can he change his mind on that anytime he wants or when does he lose that ability?
22 Million May, if he kept that pace, he would get just over 90 million by November, however if he keeps going down, he will have some big egg on his face turning down that 80+ million in public dollars.
JeffreyLloyd on June 20, 2008 at 10:28 PM
Well, he’s flipped on FISA, he’s flipping on NAFTA, he’s headed to Iraq, and goodness knows what pivoting he may have to do with his beat-a-fast-retreat promise when he gets the news that we’re on the road to winning.
The Koskids aren’t going to to open their wallets for a guy who triangulates that much. It would be like giving money to a …Clinton.
Wethal on June 20, 2008 at 10:28 PM
Obama better hope he doesn’t have to end up spending a lot of time fundraising after opting out of the guaranteed money. It’s not going to look good if he is at a fundraiser at some Hollywood liberal’s mansion while McCain is in Ohio and PA.
Mark1971 on June 20, 2008 at 10:29 PM
for me this keeps “Hope” alive, I am praying BO fails spectacularly…I am sure Hillary is as well.
HawaiiLwyr on June 20, 2008 at 10:34 PM
Hmmm. presumably Hillary’s support was contingent on Obama somehow helping her retire her debt. I can’t wait to see him asking his donors to give money to her.
We also might yet again hear Michelle’e complaining on how hard it is to make ends meet on half a mill a year, what with those $10,000 outlays for dancing lessons and summer camp.
Wethal on June 20, 2008 at 10:34 PM
His current TV ad campaign is playing in eighteen states. Fifteen of those are RED states. He has to have cash for that. So is he like most Americans and spending his windfall and leaving nothing to pay the bills?
Limerick on June 20, 2008 at 10:36 PM
I know his supporters will let him flip on this, but when exactly does the window close on actually doing it?
Sue on June 20, 2008 at 10:41 PM
Ed or anybody, can you answer this:
1) When does donation $ switch from being primary $ to general $… the convention?
2) What can Obama do with his primary money in the general?
3) What happens to money sent to McCain now that he’s accepted the public $85 million?
Chuck Schick on June 20, 2008 at 10:52 PM
Wonder if Obama will now have any spare change to help the Denver Convention Committee out of the multi-million dollar hole it’s in.
Wethal on June 20, 2008 at 11:01 PM
I believe he can use his primary money in the general, but he can only begin spending his general money after the convention. Basically he has $33 million to spend between now and the end of August.
amerpundit on June 20, 2008 at 11:03 PM
Right… but all the bundlers who donated $2300 to the primary can be retapped for another $2300 for the general right?
Chuck Schick on June 20, 2008 at 11:10 PM
What I meant was all the bundlers who got $2300 from each person can get it again.
Chuck Schick on June 20, 2008 at 11:11 PM
Candidates can actually raise general-election funds at any time, but they just can’t spend it until after the primaries. Obama has certainly already raised some of those funds, which would remain in his cash-on-hand.
Ed Morrissey on June 20, 2008 at 11:18 PM
Yes, you can donate $2,300 for the primary and $2,300 for the general. You can raise either/both at any time, but the general can’t be used until the convention.
At least $10 million of what Obama’s got now is marked solely for the general, so he can’t tap it until ~the beginning of September.
amerpundit on June 20, 2008 at 11:22 PM
Obama wants Your Change, Chick here for Poster hehehe
Chakra Hammer on June 20, 2008 at 11:29 PM
And once again Drudge is MIA. The man doesn’t like Google Earth, but he’s just fine with a far-left liberal whose wife says he won’t let you return to your life as usual.
amerpundit on June 20, 2008 at 11:35 PM
Really.
wise_man on June 20, 2008 at 11:40 PM
Hey! I scooped Drudge! I posted his current lead story last night here at HA!
Move over Matt, the Mad Irishman needs your table.
Limerick on June 20, 2008 at 11:48 PM
Thanks Ed and Ameripundit.
But I would think that we’re going to see all those bundlers come roaring back. Im sure it was just because people were taking a breather and sick of the long primary.
BTW- No HA headline on Obama flipflopping today on EXPANDED WIRETAPPING reform of FISA?????
Chuck Schick on June 21, 2008 at 12:13 AM
Props Limerick!!
JeffreyLloyd on June 21, 2008 at 12:13 AM
Huh.
I thought it was announced on this very web site that some poll had him shooting up to a 15 point lead. He probably isn’t that much ahead but the RCP averages how have him increasing his lead over Juan McCrankyPants to 5.5%, which is the highest I can recall it being.
If the wheels are coming of his “bandwagon” they are hitting McCain in the head.
Let’s try to keep both feet on the ground here.
MB4 on June 21, 2008 at 12:47 AM
Remember BHO didn’t even get half of the Dhimmicrat vote. They didn’t count Florida nor Michigan. He was selected not elected. His contributions have halved while McCain’s increase. These are trends.
Mojave Mark on June 21, 2008 at 12:55 AM
This is a trend.
Look at the graph.
I don’t see anything to be gained by looking at things through rose colored glasses.
MB4 on June 21, 2008 at 1:02 AM
Point taken. Let’s remember though, that besides BJ Clinton, America has gotten it right for the last 30 years. We’ll come through again.
Mojave Mark on June 21, 2008 at 1:26 AM
I guess he’ll need to ramp up his racial rhetoric like last night’s “republicans will tell people i’m black” commentary to get those donations kicking in.
Vincenzo on June 21, 2008 at 2:06 AM
Look at those sampled and their respective poltical affiliations in the Newsweek poll. This will give a clear indication why Obama is ahead of McCain!
TexasDude on June 21, 2008 at 2:24 AM
I think the Main Stream Media already told everyone that he is Black, the ran with it for about 2 weeks saying that it was historic he was the first black person to ever win a primary! (Did he denounce it? NO.. hmmm ) LOL
Chakra Hammer on June 21, 2008 at 2:24 AM
I think the Main Stream Media already told everyone that he is Black, they ran with it for about 2 weeks saying that it was historic he was the first black person to ever win a primary! (Did he denounce it? NO.. hmmm ) LOL
Chakra Hammer on June 21, 2008 at 2:25 AM
Apparently the Obie campaign, and their minions the MSM decided it was necessary to make Obie appear to be the juggernaut
1. Something, such as a belief or institution, that elicits blind and destructive devotion or to which people are ruthlessly sacrificed
2. An overwhelming, advancing force that crushes or seems to crush everything in its path
Whatever is going on with the devotees, I am not reading juggernaut in Michigan, except from blacks and party loyalists
I remember the JFK campaign. His charisma was huge balanced against anti Catholic bias which was more a fear that a Catholic would take advice from the Pope than doctrinal differences (Catholics were much more obedient to the Church back then, from fasting and birth control and in following the Bishops). I also remember the excitement for Bill Clinton, once people were given the quick (faked out by the MSM) intro. Missing from both of those campaigns was the distaste I see for Obama from types who would have been on the band wagon for JFK and Clinton
There is a game being played right now by fudging numbers to give Obama a false landslide. The distaste is real, not racist, but it is not being admitted in public, because the MSM has already primed the public that admitting dislike of Obama is tantamount to racism
What I am seeing is real and visceral and this is not coming from right wing ideologues. The root of the dislike is 911 and Obama’s buddies in the radical world, including islamic ties and Farrakhan
entagor on June 21, 2008 at 2:34 AM
Can’t wait for the Nutsballroots to start blaming Clinton for this decline in Obama’s windfall profit!
Topsecretk9 on June 21, 2008 at 3:08 AM
Obama’s got so much campaign money he needs a windfall tax imposed on him. :}
He’s more greedy than an Oil Executive.
Chakra Hammer on June 21, 2008 at 4:40 AM
Does anybody know where all these donations to Obama have been coming from? Does he have his own Chinese bundlers?
rgeaste on June 21, 2008 at 7:07 AM
Help me understand something here…
What obligation does a nominee have to retire a former opponent’s campaign debt? Is this one of those customary things? A quid pro quo for the defeated candidate’s support? What’s the deal here?
flipflop on June 21, 2008 at 7:15 AM
teh messiah has $43 mil on hand and has raised $287 mil? he has burned through 240 million dollars to just be tied with an old crank?
liking the way he is uniting the dems by telling the sweeties to deal with it
billypaintbrush on June 21, 2008 at 7:52 AM
Talk about “chaos”.
Haunchie on June 21, 2008 at 8:02 AM
Although, this is a bit of good news for republicans in a year in which I didn’t expect much, I am holding off any celebration until June fund raising is in. After June, we will see if this is a legitimate downward fund raising trend or simply a result of the end of the democratic primary.
Complete7 on June 21, 2008 at 8:35 AM
Maybe even with Clinton they got it right, they just weren’t happy with the alternatives. Only one Dem since 1964 has gotten above 50% of the vote. That was Carter with 50.08% in 1976. Americans do not like the candidates that the Dems nominate. As long as the Republicans give them a good alternative a Dem will lose.
Yes, I know. McCain is not exactly the best alternative.
NotCoach on June 21, 2008 at 8:59 AM
I would like to add that Obama will not get 50% of the vote. History and his own buffoonery are against him. So it is up to McCain to work hard to bring those votes to himself.
NotCoach on June 21, 2008 at 9:04 AM
The economy is going south. The contest between Hillary! and Barry O was long running and both tapped the public for hugh amounts of money. Not much of that ‘discretionary’ cash laying around now. Republicans are going to find the same problem, only for them it will be largely because people are pissed off at RINO’s in Washington.
GarandFan on June 21, 2008 at 9:22 AM
Correct, Sir.
JiangxiDad on June 21, 2008 at 9:57 AM
Well, I was considering that Barry O opting out of the public financing would deny the American public (those not in thrall to the new messiah, at any rate) an opportunity to observe, side by side, apples to apples, the abilities of the respective candidates to organize, direct, employ, and execute a campaign with a finite amount of resources - and their overall performance would give an indication of their overall competence to (at least) orchestrate the Executive Branch of the US government.
But the info here indicates he’s putting on a better demonstration of financial buffoonery than the head to head was likely to reveal - short of his campaign mis-managing itself into bankruptcy before 1 November.
Keep in mind kids - here’s a guy that’s been handed an ENORMOUS amount of cash, to ‘fight’ a campaign (with more than ample ‘free’ support from his various MSM cheerleaders and their quivering/tingling appendages) against probably the most stunningly incompetent executive/manager of such prominence in America today (quick, name one thing Hillary! has been involved with besides her cake walk basically unopposed runs for the New York Senate seat - the walk to the finish re-election managing to flush 30 million dollars without blinking an eye - that hasn’t turned into a train wreck) and consider this - then press the point home to others - if he, and the ‘team’ he wants to assemble are this horrendous with managing the cup runneth over finances of a mere election campaign, what does that tell you about how competently and efficiently this man and his people are going to run the government’s executive branch if they gain access to the levers of power?
My bet is that if he’s elected, Carter’s handling of the economy will begin to look like absolute genius. /sarcasm
Just think of the constant drumbeat of calls to donate he and his surrogates continually issue, what they’ve ‘accomplished’ with the money, and then substitute ‘tax’ for ‘donate’, then consider it won’t be optional if he get’s his way (and with tax revenue drunken Dems in charge of the Congress, you can bet they’ll sing hallelujah every time the messiah sends that message).
Then again, maybe in the back of his mind, he figures the Iranians or one of their surrogates will pop us with a nuke in some form, so he can blame the economy going down the tubes on that, rather than how he was busy driving it into the dirt before his weakness in international affairs came back to bite us in the ass.
Yeah, the next four years is potentially very, very scary.
Wind Rider on June 21, 2008 at 10:15 AM
I don’t know why anyone is surprised about the decrease in donations to Obama. Remember his online groupies were the college kids. They really started contributing in 02/08. How? Via internet/credit cards. They got so caught up in the campaign, sent in some money, got hit with requests for more. They maxed out their low limit credit cards and can’t pay them because employers aren’t hiring as many temps this summer after the increase in minimum wage. I feel sure Obama will find other sources and be able to raise greater amounts, but he sure was caught by surprise on this one.
Oleta on June 21, 2008 at 10:51 AM
We’re headed toward a lopsided general election. That’s my story, and I’m sticking to it.
Does Vegas still have this at 2:1 Obama? I’m not a betting man, but I might have to make an exception…
forest on June 21, 2008 at 11:34 AM
Yeah, I love those Friday evening press releases and data dumps — the political equivalent of, say, a baseball team firing its manager via email at 3 in the morning…
Lee on June 21, 2008 at 11:38 AM
When the left attempts a hostile takeover of a functioning Republic by buying it that is as subversive and threatening as if they used armed force. That is exactly what is now happening and we should be very afraid.
rplat on June 21, 2008 at 11:38 AM
has anyone also considered that the people who gave him so much during the primary during his initial ‘hope/change’ period just don’t want to/aren’t willing to give again? So yeah he pulled in gargantuan amounts of money initially from small donors BUT will those same donors be willing to shell out again?
Defector01 on June 21, 2008 at 12:05 PM
Bad time to run out of money. The sub prime bust is not 30 percent over but it has created the coming credit bust. Predictions are building banks will begin cutting credit limits on the little guys, some predict within the next three months. Since the public has been surviving on plastic when they find their credit lowered the real economic slowdown will begin.
That slowdown will cut down the mid range donations of the people who feed off the little guys. Rich people will still be rich but there are campaign limits.
The time to get collect bucks was last year.
entagor on June 21, 2008 at 12:08 PM
Uh Obama’s going to utterly decimate the GOP in fund raising. Anyone doubting that is delusional imo. A hiccup like this is hardly noteworthy and it’s kinda depressing that his worst still beat McCain by a mil =p
Dash on June 21, 2008 at 12:12 PM
Obama will get a post V-H Day (Victory over Hillary) spike in his donations for June, due to the enthusiasm of the true believers over having finally clinched the nomination, but it will be interesting to see what happens after that, especially if there are a few more arrogance gaffes head like the Greater Seal foul-up on Friday.
jon1979 on June 21, 2008 at 12:27 PM
Yeah, but look where some of Hussein Obama’s money is shamefully coming from:
Code Pink
byteshredder on June 21, 2008 at 2:51 PM
Ha ha byteshredder - you called him Hussein Obama. I guess that means he’s connected to Saddam Hussein! Maybe they’re brothers!
Dave Rywall on June 21, 2008 at 11:35 PM
No. He spent that money in winning the primary and beating Clinton. Now a new ballgame begins, starting essentially from scratch.
flenser on June 22, 2008 at 10:54 AM
only 22 million … well stay tuned, let’s see where this goes in the next 2 months … those getting excited about Obama making a wrong decision and getting “excited” about McCain are the same writers on here who actually thought Lynn Swan was going to win in PA!
Monkei on June 22, 2008 at 12:31 PM