Second-quarter campaign reports filed with the Federal Election Commission show former GOP frontrunner John McCain with $3.2 million cash on hand – about $1.2 million above the $2 million that the campaign predicted would be reflected in the official report.
The final figures erase a significant talking point promoted by the campaign of long-shot candidate Ron Paul which, for the last three weeks, has argued that their candidate would have more money in the bank than McCain.
McCain, however, is not out of the financial woods. His campaign filings show $1.8 million in debt through the end of June while the Paul campaign reports zero debt. Paul has more “net worth” than McCain at this point although McCain has outraised Paul 8-1 and outspent the Texas Congressman by 10-1.
The reports do show McCain’s campaign, while crippled, is not yet dead and that Paul, along with other second tier candidates in both the Republican and Democratic parties, has a long way to go.
The Associated Press reports:
Sen. John McCain’s presidential campaign spent more than it raised from April through June, leaving him financially strapped with $3.2 million cash on hand and a $1.8 million debt, according to a report filed Sunday with the Federal Election Commission.
Hindered by unpopular stands on the war and on immigration, McCain raised $11.26 million in the second quarter, short of his first quarter donations. He spent $13 million. Overall, McCain has raised $24.6 million so far in his campaign and spent $22 million.
McCain has raised $24.6 million through the end of June 30. Paul has raised just over $3 million. The latest Fox News/Opinion Dynamics poll, taken July 17-18, shows McCain tied with non-candidate Fred Thompson at 16 percent, trailing frontrunner Rudy Giuliani by 11 points. Paul lags far behind with 2 percent. Mike Huckabee leads the second tier candidates with three percent.
Gallop shows McCain, from July 12-15, in third place behind Giuliani and Thompson, and Paul leading the second tier with 3 percent.
The high level of buzz generated by the Paul campaign through the Internet has not yet translated into support in the public opinion polls. The Gallop numbers are a slight bump from earlier polls but Zogby’s latest poll (July 12-14) shows Paul dropping from 3 to 1 percent from March and McCain dropping from 13 to 9 percent for the same period.
American Research Group shows McCain dropping from 30 percent in March to 14 in July but Paul remaining constant at 1 percent.