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Despite McCain’s best efforts to begin raising decent amounts of cash as the presumptive Republican nominee, it just hasn’t happened and the campaign has finally decided to fold. News is today that McCain will accept public financing of his campaign instead of relying on fund raising from donors.
Here’s the report from The Politico:
John McCain is abandoning any hope of catching the Democrats in fundraising.
Based on new financial disclosure reports released Sunday, and interviews with his finance team, the Republican Party’s presumptive nominee will instead accept taxpayer money to finance his general election and share other costs with the Republican National Committee.
The strategy will allow McCain to stretch his campaign dollars by splitting the cost of television advertising and other campaign activity with the RNC.
But the decision also puts the Arizona senator at risk of being badly outspent – even with RNC help – by a Democratic nominee who will be allowed to spend as much as he or she can raise on the November race.
McCain has raised a total of $72 million for his presidential bid, including $15 million in March. He ended last month with about $11.5 million in cash.
In contrast, Democrat Barack Obama has raised more than $236 million for his campaign. He raised nearly $43 million in March and ended the month with $51 million in cash and no debts.
What this basically means is that McCain has conceded he has not, and will not, be able to entice the big money Republican donors to open their checkbooks. It essentially means that McCain has acknowledge his financial disadvantage considering the huge sums Obama, and to a lesser extent Clinton, is bringing in on a monthly basis.
McCain’s decision to bow out of the campaign money race upends the conventional thinking at the start of the 2008 season. At that time, most political players – including McCain – expected any serious candidate to forgo participating in the taxpayer financed system because of the spending limits imposed by it.
It also could also have a negative rippling effect inside the Republican Party.
In the past two cycles, the national headquarters increasingly has been forced to come to the rescue of House and Senate candidates who were badly outspent by the Democrats.
Today, the congressional Democrats’ financial advantages have grown substantially while their Republican counterparts’ situation is increasingly dire.
Ripple effect indeed, this will not help the Republican Party in general since the RNC will now have to help McCain make up the difference. In turn, that will pull vital resources from congressional campaigns.
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I also read this on foxnews.com today, there was an article about all of the candidates and their money (seems Clinton is now in the red).
“He (McCain) also refunded donors about $3 million in contributions, most of it money he had received for the general election. The refunds set the stage for McCain to accept about $84 million in public funds for the fall campaign. Candidates who accept public financing cannot raise money from donors for the general election campaign.”
I read a couple of weeks ago that Obama was also stipulating to donors that their contributions were for the primary election, not the general, in case he had to abide by his word that he would accept public financing. With this decision made by McCain now, I guess we’ll see what Obama does.
This is so dumb. He should just be patient once Obama is the nominee conservatives will start opening their pocketbooks
I feel the same way tehmazing but then again you never know how much that will be especially when McCain does not take money from lobbyists of PAC like Obama does, which is one reason McCain has less money. When election time comes and someone like myself knows McCain has a great shot at winning, i will open my checkbook for him right away.
OBAMA_SUCKS, you say that you will open your checkbook for for McCain once you know that he has a great shot at winning. Well, that’s basically the main reason that McCain had to switch to public-funding. Not even republicans want to throw away their money, and they want some evidence that it would be an investment, and not a waste. McCain doesn’t have that kind of support, not evene from the within the lines of the Republican party, or else he would have enough donations to keep out of the choice he ultimately had to make. But why people like you won’t donate money for his race, unless he has a real chance at winning? Isn’t that hypocritical? I’m not trying to offend anyone, just trying to understand your point.
One of the things that amuses me so much is that many people would vote for McCain only because he is the Republican candidate. Because they wouldn’t vote for Obama, or Clinton. It’s a reality that he doesn’t have even half the media coverage that Clinton or Obama have and, for that reason, he is much less-known to the american voter. And that, I think, will be the biggest advantage of the Democratic candidate, until November. The Republican party now will have to pay for McCain’s race, and the party is not in it’s best shape right now.
Remember, the Dems have the Congress. The next months don’t look good for the GOP. If things don’t change drastically for him is to play the underdog part and hope to get an image for himself that isn’t linked anymore to Bush and his administration. So, the odds are going to the Democratic candidate, whoever turns out to be.
Yeah, all the media coverage has gone for free to the democratic candidates, because that’s where the drama has been ever since McCain won the republican primary. It has nothing to do with his party, he just sealed the nomination long ago. Which is sort of ironic, given how unlikely a candidate he seems.
But just because everyone’s thinking about the democrats at the moment doesn’t mean everyone likes the democrats. Take our friend Obama_Sucks here. I’m sure he thinks about Obama quite a bit, but something tells me he’ll probably be voting McCain.
That’s the funny thing about a 2-party system. If there are 2 people running, and no one particularly likes Candidate #1, 7 people love Candidate #2, but 8 people also hate him… then Candidate# 1 still wins.
OBAMA_SUCKS wrote “I feel the same way tehmazing but then again you never know how much that will be especially when McCain does not take money from lobbyists of PAC like Obama does, which is one reason McCain has less money.”
Are you kidding? One of the things Obama is known for is that he does NOT accept federal PAC (Political Action Groups)money!
And McCain’s own campaign just released where he gets his money, and here it is: A LOT of it is from lobbyist groups and PAC’s:
http://www.iht.com/articl.....mccain.php
Not sure where you are getting your info, but as with many posts on comment sections like these, it is incorrect. No matter who you support, at least get the facts straight (and stick to the facts, for that matter…). Personally, if information is given that isn’t backed up with the source, I wouldn’t put any stock in it.
You know what? McCain has already been using millions of dollars illegally. Since the Federal Election Commission does not have enough members to approve or deny McCain’s request to be free of the money restrictions, McCain withdrew without permission, breaking his own McCain-Feingold law!
http://www.petitiononline.....ition.html
Christopher: This is true. I think I wrote about this already in the commentary section. McCain did break his own rules, and perhaps we’ll have to chalk this up as human error. What I do not like is how the current Bush administration is assisting in blocking/slowing down due processes such as the FEC. But this will come to an end after November…
Chris, check your facts on Obama and PAC money. Here’s your link:
http://www.factcheck.org/....._heat.html
Hah, wonderous. Two reasonably clean politicians spreading paranoia in the minds of America about the other to gain the political edge. Ah, the world we live in.
IndiMinded, what’s interesting to me is how many posters the last couple of days have virtually shoved Hillary aside and started going at it as if it’s already official - Obama vs. McCain.
The slice and dice couple aren’t finished yet. *L*
First off i said I know McCain has a good shot of winning so I am already opening up my checkbook. Second factcheck.org has the records of Obama taking money from lobbyists from big oil companies and money from PAC. Seriously he may say he does not but they have proven records that the man does.
this si the link for obama and hillary using lobbyist and PAC money
I’m inclined to say it’s not…
lol sorry it didnt work here it is
http://www.factcheck.org/....._heat.html
Factcheck reports: “Obama has taken $115,163 from former federal lobbyists, according to the Center for Responsive Politics. That’s a lot of dimes.” So, the sum total of his millions raised, you are looking at $115,163 from former federal lobbyists. This is a grey area (their being “former”), but Obama has not violated his pledge. What he has done, is overblown the significance of Hillary’s PAC funding, according to your link.
I read somewhere else on factcheck but cant seem to find the link, that Obama has taken all together 3 million from lobbyists and PAC funding. 3 million is much more than 115,163. What Obama has done the whole entire campaign is overblow either Hillarys or McCains statements or other significant things, until one of them answers. When they do answer Barack he usually gives an arrogant answer like enough with attack politics or I dont associate myself with those views or beliefs. Basically Obama is a hypocrite and is the one that always starts alomst every debate but ends it as if he is the one being put on the spot by the other candidates. He is typical far far left-wing who just attacks the whole time but when one thing gets put at him he buckles, stumbles for words and gives some bs answer to why it has nothing to do with the campaign and so on. Basically I dont know why i just said all this but you just pissed me off when you said he overblew Hillary’s statement because i feel he has done that his whole entire campaign. SORRY I NEEDED TO LET OFF SOME STEAM!
Well, maybe you are right, or maybe not. Bu the reality is that you can’t find the link. For my part, I’m searching through factcheck to get to that article. What I find amusing is that your nick is OBAMA_SUCKS, I have seen how “temperate” are your previous posts… and you say you NEEDED TO LET OFF SOME STEAM…. now?
Just to make my case for how subjective you’are being, I’ll take your post and change Obama for Clinton. Let me know if it’s too crazy for you:
“What Hillary has done the whole the entire campaign is to overblow Obama’s statements or other insignificant things, until he answers. When he does answer Clinton, she usually gives an arrogant response like “enough with attack politics” or “I dont associate myself with those views or beliefs”. Basically Clinton is a hypocrite and is the one that always starts almost every debate (… etc. etc. etc.)”
Opinions aren’t arguments. Impartiality is a tough thing you get, but a little real discussion would be nice to have around here, if you don’t mind.
O_S, I think the links you’re looking for are at opensecrets.org, not factcheck. opensecrets.org maintains lists of lobbyist/lawyers who contribute to candidates campaigns. Here is the link for Barach Obama contributors by sector totals.
http://www.opensecrets.or.....cycle=2008
If you check also the top contributors to Obama, you will see that some of them are law firms who actually specialize in lobbying for clients.