Getting and spending: fund raising Democrat-style

Last Modified: 04 Apr 2007
By: Felicity Spector

Nine dollars a second - that's how much the Democrat presidential contenders raised between them in the first three months of this year.

Whoops - there goes another 30 bucks. And another. In a contest that's all about momentum and the aura of early success - at this stage, money's the only thing that talks.

So far of course - Hillary Clinton's confirmed her place ahead of the field - with that record-breaking $26m dollar haul, plus a handy ten million or so in the bank.

This afternoon there is news from the Obama campaign, showing the Illinois senator doing surprisingly well. He's managed to raise at least $25 million - just shy of Hillary's own total. A clear signal that the race is anything but over. And John Edwards has pulled in a creditable $15m- much of it over the internet.

But it's the Republican figures that are perhaps more interesting. The big loser - John McCain - even his campaign manager called their $12.5m total disappointing. Experts have blamed everything from the failure to hold enough fundraising events to a pretty widespread lack of enthusiasm among the Republican base.

No-one wants to echo the ill fated Bill Bradley campaign in 2000, when the water company came close to cutting off their New Hampshire HQ until they got paid.

McCain's just announced he's revamping his entire fundraising operation - whether it's all too late, is anyone's guess.

On the upside, there is Mitt Romney - the 'who he' of the GOP field. Amazingly the former Massachussetts governor managed to raise $6.5 million in a single day - after 400 key supporters (including the chief-exec of E-Bay, who presumably has a knack for finance) spent the day calling their rich and influential pals and tapping them for cash.

Clearly Mormons are generous givers. Or maybe it's all those management consultants Romney used to hang out with. Either way, a first quarter total of $21m - plus a couple of million of his own money - puts him firmly in the game.

But it's not as simple as how much money everyone's raised. In two weeks time we'll find out how much they've all spent so far: and therefore, how much they've got left. Hark back to the midterms and you might remember Hillary Clinton splurged hundreds of thousands on stuff like flowers and parking fees. Overheads include staff costs - postal deliveries - even phone bills: no-one wants to echo the ill fated Bill Bradley campaign in 2000, when the water company came close to cutting off their New Hampshire HQ until they got paid.

Already pundits are sniping that once you factor in her expenses - Hillary's record-busting total isn't that amazing after all. 'Awe, but not shock', as one strategist put it.

So, 2008 is on course to be the first billion dollar election - with success measured in cash. But the spin doctors haven't given way to accountants just yet: image and media management is still a key part of any campaign. The candidates might well have raised hundreds of dollars while you've been reading this. But: getting and spending - we lay waste our powers. Money doesn't always equal votes.

This article first appeared in the Newsroom blog