'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
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)
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(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.”