Dole, Biden War Chests Are Richest : Presidential Hopefuls Report More Than $2 Million Each

The two presidential hopefuls reporting the most cash in the bank at this early stage of the campaign of 1988 have yet to officially declare their candidacies: Sens. Bob Dole (R-Kan.) and Joseph R. Biden Jr. (D-Del.).

Through March 31, Dole had a $2.5-million stash and Biden reported $2.1 million, according to the latest filings at the Federal Election Commission.

At the same time, records show, no one has debts anywhere near those of the Democratic front-runner in opinion polls, former Sen. Gary Hart of Colorado. The $4.7-million debt from his 1984 presidential campaign is down to $1.3 million, but Hart--under pressure from bad publicity and aggressive creditors--asked the Federal Election Commission Tuesday for permission to use money from his new war chest to pay old bills.

Incomplete Picture

The all-important money picture for 1988 is incomplete because about half of the aspirants have not begun filing financial reports on their principal campaign committees.

Records show that Dole’s presidential committee had a $208,000 cash balance as of March 31. Moreover, an aide said that Dole plans to fully tap $2.1 million left over from his 1986 Senate reelection campaign. In addition, Dole’s subsidiary political action committee, Campaign America, has $202,000, which is expected to be used primarily for donations to lower-level Republican candidates across the country.

Ostensibly, such PACs are prohibited from engaging in presidential campaign activities, but Dole and others have clearly used them to advance their White House ambitions.

Dole’s $2.5-million cash total far exceeds that of Vice President George Bush, whose presidential committee has $726,000 on hand and his PAC, The Fund for America’s Future, $170,000. Bush’s committees also reported debts of $351,000 through March 31, compared with only $42,000 for Dole.

Despite his current cash disadvantage, Bush has demonstrated enormous fund-raising power, raising and spending millions more than any other 1988 hopeful since the 1984 presidential election. Bush’s PAC has raised $9.3 million since 1984, and his George Bush for President Committee has collected $2.3 million since being formed last August.

$7.8 Million Raised

In contrast, Dole’s PAC, Senate and presidential committees have raised $7.8 million since 1984, while PACs controlled by Rep. Jack Kemp (R-N.Y.), together with his House campaign committee, have raised $6.1 million.

Kemp, who recently announced he will run for President, will not be required to file a report on his presidential committee until July. His PAC, Campaign for Prosperity, had $55,000 in the bank on March 31 but owed $33,000. His House committee’s $52,000 cash balance was offset by $87,000 in debts at last report, Dec. 31.

Former Delaware Gov. Pierre S. du Pont IV, the first Republican to declare his candidacy, had $407,000 in cash and $59,000 in debts through March 31 after raising just over $1 million.

Former Secretary of State Alexander M. Haig Jr., an announced GOP candidate, has not filed a report on his presidential committee. Two other Republican hopefuls, TV evangelist Pat Robertson and former Sen. Paul Laxalt of Nevada, have not formed committees.

Biden, whose official announcement is expected in June, leads all Democratic contenders with $1.7 million in cash in his presidential committee, offset by $135,000 in debts, and a $421,000 surplus available to him from his Senate campaign committee.

$525,000 for Gephardt

Rep. Richard A. Gephardt (D-Mo.), an announced candidate, has $525,000 on hand in his presidential committee, $15,000 in his PAC and $200 in his House campaign committee. Debts from the committees total $176,000.

Former Arizona Gov. Bruce Babbitt, another official Democratic candidate, has $269,000 cash and $39,000 in debts.

Hart, who does not have to file a report on his presidential committee until July, had about $250,000 in the bank as of Monday, an aide said, adding that the former senator has raised just over $1.5 million and spent just over $1 million for his 1988 effort. Additionally, his PAC, The Volunteer Committee, has raised $300,000 since 1984.

Gephardt has raised $2.2 million; Biden, $1.8 million, and Babbitt, $931,000, through PACs and presidential committees.

Announced Democratic candidates Sen. Paul Simon (D-Ill.), Sen. Albert Gore Jr. (D-Tenn.) and Massachusetts Gov. Michael S. Dukakis have yet to file reports on their presidential committees. Other potential candidates are the Rev. Jesse Jackson and Arkansas Gov. Bill Clinton.