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Money game: Is the Obama ATM running low?
[QUOTE]One of the underlying assumptions entering the fall campaign has been that Obama and the Democrats would have tons of money, and McCain and the GOP might not. But now, that bears watching.
It is, apparently, no coincidence that Obama and Hillary Clinton have been fundraising this week. The Washington Post reports that Obama's small-donor Internet machine has slowed dramatically as the excitement of the primary campaign has settled down, and suddenly the mutual backscratching of the Clinton-Obama big-donor networks has become critical:
"The fundraising machine Sen. Barack Obama is relying on to overwhelm Sen. John McCain this fall has shown signs of wear in recent weeks, as Internet contributions have slowed and efforts to recruit top donors to Sen. Hillary Rodham Clinton's campaign have been beset by lingering tensions."
McCain released June figures yesterday -- $22 million, his best month ever. Also, the RNC is flush, and the DNC is not, so the combined GOP cash on hand total of $95 million is expected to be pretty competitive, as is the projected budget of $400 million.
Obama did not release figures yet, but the WSJ reports things aren't going so well:
"People close to the fund-raising operation say the total will likely be just over $30 million. While this isn't a poor showing, it is an underwhelming haul for a campaign that has ballooned in recent months, has promised a true, 50-state electioneering effort and has told its biggest fund-raisers that it wants to collect $300 million in general-election cash by mid-October."
Also, he hopes to raise $300 million for himself, $180 million for the DNC. From a fundraiser:
"Given the ambitious budget, this person said that a healthy June number would have been much closer to $50 million. 'Think about it; you basically have 4½ months to raise $300 million,' the person said. 'Every poor month puts you further into the hole. It's like Hillary and the delegate race -- sooner or later the math just catches up with you.' "
(links to other sources/articles available at original article)....
this bears watching for one main reason- hussien used his campaign as proof of his "executive" experience recently- if money becomes an issue in his campaign this will be a huge issue against him in the closing weeks...
your article assumes the RNC won't use some of that money in House and Senate races where they are again going to get smacked around big-time, and where the NRCC and NRSC are vastly outgunned by their Dem counterparts. Meantime the DNC can spend all of it's cash on the Pres election since the candidates and committees have big cash advantages
as for this:
"Given the ambitious budget, this person said that a healthy June number would have been much closer to $50 million. "
I believe Obama's June number was 52 million... which such seem healthy in that fundraiser's opinion, but the quote seems to indicate that it wasn't healthy or near (let alone >) $50 million
all that being said, if the fund raising does dry up he's toast
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ah yes...just further proof of mr. obama's "executive" judgement....
[QUOTE][B]Minus U.S. Money, Obama Team Presses Donors
By MICHAEL LUO and JEFF ZELENY[/B]
After months of record-breaking fund-raising, a new sense of urgency in Senator Barack Obama’s fund-raising team is palpable as the full weight of the campaign’s decision to bypass public financing for the general election is suddenly upon it.
Pushing a fund-raiser later this month, a finance staff member sent a sharply worded note last week to Illinois members of its national finance committee, calling their recent efforts “extremely anemic.”
At a convention-week meeting in Denver of the campaign’s top fund-raisers, buttons with the image of a money tree were distributed to those who had already contributed the maximum $2,300 to the general election, a subtle reminder to those who had failed to ante up.
The signs of concern have become evident in recent weeks as early fund-raising totals have suggested that Mr. Obama’s decision to bypass public financing may not necessarily afford him the commanding financing advantage over Senator John McCain that many had originally predicted.
Presidential candidates in a general election have typically relied on two main sources of money: public financing, along with additional money their parties raise. In choosing to accept the public money, the McCain campaign now gets an $84 million cash infusion from the United States Treasury. Mr. McCain is barred from raising any more money for his own campaign coffers but can lean on money raised by the Republican National Committee, which has continued to exceed expectations.
Meanwhile, Obama campaign officials had calculated that with its vaunted fund-raising machine, driven by both small contributors over the Internet and a powerful high-dollar donor network, it made more sense to forgo public financing so they could raise and spend unlimited sums.
But the campaign is struggling to meet ambitious fund-raising goals it set for the campaign and the party. It collected in June and July far less from Senator Hillary Rodham Clinton’s donors than originally projected. Moreover, Mr. McCain, unlike Mr. Obama, will have the luxury of concentrating almost entirely on campaigning instead of raising money, as Mr. Obama must do.
The Obama campaign does not have to report its August fund-raising totals until next week, so it is difficult to tally what it has in the bank at this point. A spokesman said that August was its best fund-raising month yet and that the campaign’s fund-raising was on track. But the campaign finished July with slightly less cash on hand with the Democratic National Committee compared with Mr. McCain and the R.N.C. The Obama campaign has also been spending heavily, including several million more than the McCain campaign in advertising in August.
A California fund-raiser familiar with the party’s August performance estimated that it raised roughly $17 million last month, a drop-off from the previous month, and finished with just $13 million in the bank.
Still, the Obama campaign said last Thursday that it had raised $10 million over the Internet in the 24 hours after the speech by Mr. McCain’s running mate, Gov. Sarah Palin, at the Republican convention on Wednesday, a one-day record for the campaign.
David Plouffe, the Obama campaign manager, said the majority of the Obama campaign’s donors during the primary had yet to write checks for the general election. When they do, he said, it will be the equivalent of the large injection of cash the McCain campaign is receiving from the government — about $70 million or $80 million.
“We’re confident that we will meet our financial goals, but it’s hard work,” Mr. Plouffe said. “We have a long way to go in the next six weeks.”
Members of Mr. Obama’s national finance committee were briefed during the convention in Denver by Mr. Plouffe. Penny Pritzker, the Obama finance chairwoman, announced new state-by-state fund-raising goals. The decidedly business-oriented nature of the meeting reflected the burden on the Obama campaign in the coming weeks.
“I think McCain made the right call,” said Scott Reed, a Republican strategist who managed Bob Dole’s presidential campaign in 1996. “The Republican National Committee is strong. They have the resources to make this race almost financially on par.”
Democratic strategists disagree, pointing out that campaign finance rules impose serious restrictions on Mr. McCain’s ability to fully make use of his party’s bank account.
“It’s not just the limitation of dollars when you accept public financing, it’s the limitations that go with that spending,” said Tad Devine, a senior strategist for Senator John Kerry’s presidential campaign in 2004. Mr. Devine added that choosing to accept public financing was the Kerry campaign’s single biggest mistake because it limited the campaign’s resources.
The McCain campaign had by far its best fund-raising month ever in August, when it collected $47 million for its coffers and $22 million for the party, finishing the month with more than $100 million in the bank that will now be at the disposal of the R.N.C., according to several finance officials.
McCain fund-raisers said they also hope to raise an additional $100 million for the party in September and in October, taking advantage of the sizable contribution limits for the party. The party’s Internet fund-raising has also picked up significantly since the announcement that Ms. Palin would join the Republican ticket. Combined with the $84 million from public financing, that would leave the McCain campaign with about $300 million at its disposal.
A recent e-mail message to McCain fund-raisers unveiled new incentives to spur them in their final push. For the primary, anyone who raised $100,000 or more earned the title of Trailblazer, while those who raised $250,000 or more became Innovators. Now Trailblazers who raise another $100,000 for the party for the general election can become Super-Trailblazers, and Innovators who raise another $250,000 earn the title of Super-Innovators.
Officials have also sketched out plans for Ms. Palin to do some 35 fund-raisers over the next two months. Mr. McCain will be dispatched for only four major fund-raisers: one on Monday night in Chicago, in which the party raised about $4 million; another next week in Miami, then Los Angeles and New York in October, finance officials said.
But even if the McCain finance team, led by Lewis M. Eisenberg, a former Goldman Sachs executive, and Wayne L. Berman, a Washington lobbyist, meets its goals, the campaign will have complete control over only the $84 million from the federal government, as well as $19 million in party money that is permitted to be used in coordination with the campaign.
The Republican Party can spend unlimited amounts of its money independent of the McCain campaign. It can also split the costs of so-called hybrid advertisements with the campaign, commercials that must promote not only Mr. McCain but also other Republicans down the ticket, something media strategists said could be ineffective when trying to create a cohesive message. Nevertheless, McCain fund-raisers pointed out the pressure is now on the Obama campaign to raise far more than it ever has before.
The Obama campaign set a goal in mid-June of raising $300 million for the campaign and about $150 million for the Democratic Party over four-and-a-half months, fund-raisers said. As of the end of July, however, the Obama campaign was well short of the $100 million a month pace it had set, taking in about $77 million between the campaign and the party that month.
It is not yet clear whether the Obama campaign will be able to ratchet up its fund-raising enough in the final two months of the campaign to make up the difference.
Even Mr. Obama’s fund-raisers in Illinois were admonished in an e-mail message last Thursday to step up their efforts to “show the other regions that his home state still has it.” The donors, who were also reminded they had each promised to collect $300,000 for the campaign, were asked to raise $25,000 each for an event on Sept. 22 at a Chicago museum.
The new state-by-state goals unveiled by campaign officials in Denver stunned at least some in the room and included sizable increases for at least some states, according to interviews with several Obama fund-raisers.
The campaign has created a fund-raising committee, the Campaign for Change, which allows fund-raisers to harvest additional checks of more than $30,000 that will then be divvied up among state Democratic Parties in 18 battleground states, with Florida, Ohio, Pennsylvania and Michigan receiving the most.
In a campaign swing through South Florida over Labor Day weekend, Mr. Obama’s vice-presidential running mate, Senator Joseph R. Biden Jr., met with several small groups of major donors and sent out an e-mail appeal to supporters of his own unsuccessful presidential campaign, as well as to Jewish supporters. The effort brought in more than $1 million in four days.
Campaign officials expect their Internet fund-raising engine to ramp up as the election approaches. And they hope that much of the high-dollar fund-raising can be done without Mr. Obama. In the New York area alone, there are some 18 events planned in September, all with surrogates, including Mrs. Clinton, Caroline Kennedy and Gov. Bill Richardson of New Mexico.
But campaign officials conceded that Mr. Obama inevitably will have to make some appearances. On Friday night in New Jersey, Mr. Obama devoted five hours for two fund-raising events, including one at the home of the singer Jon Bon Jovi, in which the ticket was $30,800 a person. Mr. Obama is also scheduled to appear at back-to-back fund-raisers in Los Angeles on Sept. 16.
[QUOTE]WASHINGTON — Sen. Barack Obama's presidential campaign announced Sunday that it raised $66 million in August, marking another record fundraising month for the Democrat. The August total was second to the $55 million Obama raised last February.
He reached the $66 million mark with help from more than a half million new donors.
Obama's total for August was almost $20 million more than the $47 million Republican rival John McCain raised last month.[/QUOTE]
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ooohhh noooooo ....still needs more money!!! hussien can't control his own campaign, which he's pointed to as evidence of his "executive decision making"....how the hell's he gonna run the country????
[QUOTE][B]Obama Needs More Cash To Reach Goals
Politico: August's $66M Haul Is Only A Down Payment On Huge Sums Democratic Nominee Seeks To Raise
Sept. 14, 2008[/B]
Barack Obama's $66 million haul in August donations may set records but it's only a down payment on the huge sums the Democratic presidential nominee must continue to collect in order to compete through the Nov. 4 election.
Obama is attempting to become the first candidate to privately finance the general election phase of his campaign, and his August performance seems to be a good start.
His announcement that he had $77 million in cash in the bank at the end of August came strikingly close to the roughly $85 million in taxpayer funds that Republican John McCain has to spend on the entire general election.
But the August sum came after a full-court press by the campaign and in the midst of the Democratic National Convention, historically an easier time to generate donations because the party base is focused and united. The campaign announced that it had recruited 500,000 new donors in August, which brings the number of total contributors to 2.5 million.
Meanwhile, Alaska Gov. Sarah Palin's selection as McCain's running mate has lit up the Republican National Committee's online fundraising, creating a vibrant and fresh source of income to add to the party's already formidable big donor program.
RNC officials said Internet donations have quadrupled since Palin joined the ticket.
While Obama's campaign coffers are brimming, an effort to funnel money into battleground state party committees lags far behind campaign goals and Republican giving.
Finally, McCain-friendly outside groups already are mobilizing and launching independent attack ads on the Illinois senator. Meanwhile, Obama has sent word to the Democratic community that he wouldn't welcome similar independent groups working on his behalf - essentially sidelining what could have been critical allies.
Those complex dynamics are likely to put additional pressure on Obama and his financing team. The enormity of the task is already fraying nerves in Chicago and eating into the Illinois senator’s campaign time as the campaign combs the country for both small and big donations.
“It’s a logistically challenging fundraising environment they face, because time is not on their side and their goals are so ambitious,” said Anthony Corrado, an expert on money and politics.
“Do the math. They have to raise about $3 million a day” to reach an estimated target of about $200 million, he added.
That helps explain why a steady stream of electronic donation appeals was flying out of the Obama headquarters throughout the Democratic convention in Denver.
“I’d like to thank you for the warm welcome I’ve received as the newest member of this campaign,” opened one video message from Sen. Joe Biden (D-Del.), the vice presidential nominee. The e-mail closed with the obligatory red donate button.
“My mom, the girls and I left home in Chicago and got to Denver yesterday,” opened Michelle Obama’s appeal. “I am so lucky to be married to the woman who delivered that speech last night,” crowed Obama in his own appeal, signed simply Barack.
Similar appeals were dispatched during the Republicans’ convention the following week in St. Paul, Minn.
“I wasn’t planning on sending you something tonight. But if you saw what I saw from the Republican convention, you know that it demands a response,” campaign manager David Plouffe wrote after Palin mocked Obama’s work as a community organizer.
The appeal, and Palin’s attacks, helped Obama raise a record $10 million in single day.
Big donors are equally inundated but they are costlier targets since many of those donors reside outside of the critical swing states.
Tuesday, Obama is scheduled to be in Beverly Hills, a Zip code that is home to plenty of Democratic money but in a state whose electoral votes he already has in the bag. Money raised will go to the Democratic National Committee and his own cmpaign.
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and the hits of hussien's executive decision making just keep on a comin'......
[QUOTE][B]Cash-poor Obama says no to Reid
By JOHN BRESNAHAN | 9/16/08 4:41 AM EST [/B]
Earlier this month, Senate Majority Leader Harry Reid made a personal appeal to Barack Obama: Help me grow the Democrats’ Senate majority by sharing some of the $77 million you’ve got in the bank.
Obama’s campaign said no.
Although Democratic insiders say a better deal could still come, the Obama campaign so far has agreed only to let Senate Democrats use Obama’s name — as well as those of his wife and running mate — in mail and online fundraising pitches. The campaign has planned no joint fundraising events with House or Senate Democrats, and insiders say none is likely to be held before Election Day.
In rejecting a direct request from his Senate leader, Obama has put a fine point on the financial pressures he’s feeling as the presidential race turns toward the fall.
Obama raised a record-setting $66 million in August, leaving his campaign with about $77 million in cash now. Because he has turned down public financing, he can keep raising money through Election Day. John McCain, having accepted public financing, can’t do that — but he already has the $84 million in public money in his campaign coffers.
More importantly, McCain will get substantial help from the Republican National Committee — which has dramatically outraised its Democratic counterpart — and the Republican Party’s state and local committees.
Reid and Democratic Senatorial Campaign Committee Chairman Charles Schumer had hoped at one point to get as much as $10 million from the Obama campaign. With 23 GOP seats up for grabs this year — versus only a dozen Democratic seats — Senate Democrats see a once-in-a-generation opportunity to pad their majority with as many as four to seven new seats.
But to do that, they’ll need money, and lots of it. While the DSCC still has a huge financial advantage over its GOP counterpart, the National Republican Senatorial Committee, the geographic overlap between competitive Senate seats and the tight presidential race means the McCain campaign and the RNC will be dumping tens of millions of dollars into battleground states with competitive Senate races. This will likely help down-ballot GOP candidates and incumbents.
Matthew Miller, the DSCC communications director, did not respond directly when asked about the majority leader’s discussion with Obama.
“We work closely with the Obama campaign on fundraising and on field operations and political organizing,” Miller said. “We have a great relationship with them.”
Miller noted that Obama has done two e-mail and two direct-mail pitches to donors on behalf of the DSCC this cycle, while Biden did one earlier this month.
The Obama campaign did not have a comment at press time.
One Democratic source familiar with the intraparty dispute over money said that fundraising e-mails and direct-mail pitches “are helpful, but we really don’t care about that. We need more help than that.”
Fights over money are nothing new for Democrats.
Schumer and then-Democratic Congressional Campaign Committee Chairman Rahm Emanuel engaged in a long battle with DNC Chairman Howard Dean last cycle for funding for get-out-the-vote operations. After initially refusing to help, Dean eventually approved $5 million for House and Senate Democrats, although Emanuel and other Democratic strategists later said that more money would have made the 2006 Democratic victory even bigger.
Democrats on Capitol Hill have grumbled for months that it has been hard to orchestrate campaign events and appearances with the Obama campaign. One Democratic strategist said the campaign frequently turns down requests to have Obama appear with a Democratic incumbent or challenger, and that the events that do happen come only after some “very heavy lifting.”
In Obama’s defense, Democrats note that the nominee’s long primary fight with Sen. Hillary Rodham Clinton of New York cut in to the time Obama otherwise would have had to mount a general election campaign. And, they say, he’s so popular among Democrats that his campaign has been overwhelmed with more requests for appearances than it can possibly grant.
But having opted out of public financing, Obama also has had to spend significant time fundraising that, in the past, the Democratic candidate has used purely for politicking.
Say, did you hear the one about an unaccomplished money wh0rr running for president of the US? A large Wall St source of his PAC funds just bit the dust yesterday. So much for the notion of Wall St being a puppet of the GOP.
[QUOTE=flushingjet;2754507]Say, did you hear the one about an unaccomplished money wh0rr running for president of the US? A large Wall St source of his PAC funds just bit the dust yesterday. So much for the notion of Wall St being a puppet of the GOP.