'08 Prez Campaigns Going Broke

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.” (More Election 2008 stories.)