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'08 Prez Campaigns Going Broke

Early spending saps all coffers ... except Romney's

By Kevin Spak,  Newser Staff

Posted Jan 19, 2008 3:54 PM CST

(Newser) – Despite record fund-raising, top presidential hopefuls in both parties have blown almost all of their cash, the New York Times reports. Efforts to knock out opponents early have cost candidates at least $320 million, or 80% of what they have raised. With Super Tuesday fast approaching, “there is definitely some belt-tightening,” said one Barack Obama spokesman. Unless, of course, if you have Mitt Romney’s vast personal fortune.

Obama and Hillary Clinton each raised $100 million last year but have each blown all but about $20 million of it, while GOP fundraising leader Rudy Giuliani has frittered away everything but $7 million. For cash-strapped candidates, like Mike Huckabee, this is good news, analysts say. “At this point, we are all equal,” said Huckabee’s campaign chairman. “Except Romney.”

Republican presidential hopeful and former Massachusetts Gov. Mitt Romney listens to a question from a reporter Monday, Nov. 19, 2007 after landing at Seattle-Tacoma International Airport in Seattle for a day of fundraising. Romney's personal fortune makes him the one candidate who's not hurting for money.(AP Photo/Ted S. Warren)
Republican presidential hopeful and former Massachusetts Gov. Mitt Romney listens to a question from a reporter Monday, Nov. 19, 2007 after landing at Seattle-Tacoma International Airport in Seattle for...   (Associated Press)
Republican Presidential hopeful, former Arkansas Gov. Mike Huckabee takes question prior to a private fundraising reception in Los Angeles, Monday, Dec. 17, 2007. Huckabee's campaign has never had money, so the relative poverty of the other campaigns is a boon for him. (AP Photo/Damian Dovarganes)
Republican Presidential hopeful, former Arkansas Gov. Mike Huckabee takes question prior to a private fundraising reception in Los Angeles, Monday, Dec. 17, 2007. Huckabee's campaign has never had money,...   (Associated Press)
Republican presidential hopeful Sen. John McCain, R-Ariz., talks to reporters during a fundraising stop in this May 31, 2007, file photo.  (AP Photo/Rogelio V. Solis)
Republican presidential hopeful Sen. John McCain, R-Ariz., talks to reporters during a fundraising stop in this May 31, 2007, file photo. (AP Photo/Rogelio V. Solis)   (Associated Press)
Change (John C Abell)
Change (John C Abell)
ADDS Obama, Edwards, Dodd and Biden; ADDS 2col.; Graphic shows how much campaign money some presidential candidates have raised; two sizes; 1c x 3 1/4 inches; 46.5 mm x 82.6 mm; 2c x 1 7/8 inches; 96.3 mm x 47.6 mm
ADDS Obama, Edwards, Dodd and Biden; ADDS 2col.; Graphic shows how much campaign money some presidential candidates have raised; two sizes; 1c x 3 1/4 inches; 46.5 mm x 82.6 mm; 2c x 1 7/8 inches; 96.3...   (Associated Press)
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