Bush Raises $34.2 Million for His Presidential Campaign

Six weeks after officially launching his reelection bid, President Bush has banked $34.2 million in campaign cash, his political aides announced Tuesday.

The figure is expected to grow as last-minute checks and credit card receipts are tallied over the next few days, they said.

Bush’s fund-raising total dwarfed the $7.5 million raised during the past three months by former Vermont Gov. Howard Dean, which topped early estimates for the Democratic presidential field. The sum Bush raised might also exceed the combined amount collected this past quarter by all nine Democratic candidates.

Presidential candidates have until July 15 to publicly disclose their receipts for the April 1 to June 30 period, and most have not yet released those numbers.

But the Bush campaign was willing to share its news just hours after the books closed at midnight Monday, in part to spotlight the enormous financial advantage the president is likely to enjoy over the Democrats into next summer.

Bush is aiming to raise more than $170 million for a primary campaign in which he’s likely to run unopposed. Because he is not accepting federal money to supplement his fund-raising during the primaries, he is entitled to spend that amount with few restrictions.

The Democratic presidential candidates are expected to accept public funds, meaning they will have to abide by a spending limit for the primary season of about $50 million. The winner is likely to emerge in February or early March. But that candidate could be broke -- and forced to wait for money until the Democratic nominating convention in late July. Then, the nominee will receive federal money to finance a general election campaign.

Bush strategists reiterated the president’s plans to also accept federal funds for the general election, meaning he will abide by a projected spending cap of about $74 million. The Republicans will hold their national convention in early September 2004.

Four years ago, then-Texas Gov. Bush collected roughly $100 million in his campaign for the GOP presidential nomination. He established himself as the race’s clear leader by raising more than $36 million in the second quarter of 1999.

It took the full three months and Bush appearances at more than two dozen events to amass that sum. This time, with the advantages of incumbency and a doubling of the individual contribution limit -- to $2,000 -- Bush raised $34.2 million in less than half the time and with far fewer campaign stops.

In all, the Bush aides said, more than 95,000 individuals have contributed to the president’s reelection campaign.