Campaigns Still Raking It In

President Bush has stockpiled more than $64 million in cash for his campaign, but he must spend or give it away by the time he is nominated at the Republican National Convention in six weeks, campaign reports filed Tuesday show.

But Bush’s once huge cash advantage has slowly evaporated, as presumed Democratic nominee Sen. John F. Kerry for the fourth month in a row raised significantly more than the president.

Kerry raised $36.5 million in June, compared with $13 million collected by Bush. Much of Kerry’s unexpected fundraising success has come through the Internet. Kerry raised more in June through his website, $12.1 million, than the Bush campaign has raised online since it opened shop last year.

The Bush campaign has collected $228 million so far, a record for any presidential candidate. But the Massachusetts senator continued to break records as well, raising $185 million as of the end of June. More than half of that -- $99.2 million -- was collected in the second quarter of the year, the most raised by any presidential candidate in a three-month period.

“Our well-balanced fundraising of traditional and grass roots, online and direct mail, has allowed us nearly to catch a sitting president’s record fundraising,” Louis B. Susman, Kerry’s national finance director, said.

Scott Stanzel, a Bush campaign spokesman, said the $64-million stockpile “gives us the resources to spread the president’s message across the country.”

Political observers expect that the Bush campaign will use some of its money to unleash an advertising onslaught in August, after Kerry accepts the Democratic nomination.

“It’s been very clear that they’ve been building up cash to spend on another advertising assault in August, when they think Kerry won’t be able to respond,” said Anthony Corrado, an expert on campaign finance at Colby College in Maine.

Both candidates have said they will accept public financing for the general election, which means they must stop collecting -- and spending -- private dollars once they are nominated. Anything left over can be contributed to their respective party committees. Because Bush’s nomination occurs five weeks later this summer, he will have more time to spend the money raised.

When he becomes the official party nominee, the Kerry campaign will be limited to spending $75 million in public money. And it will have to make those funds last until November.

But Kerry most likely will be helped by the Democratic National Committee. Under a Supreme Court decision last year, the DNC has the right to run advertising on his behalf, as long as it isn’t coordinated with his campaign.

The DNC and RNC have set up separate units within their organizations for independent advertising campaigns. The DNC had about $60 million in cash at the end of June; the RNC had about $78 million.

Kerry may use leftover money to repay a $6.4-million loan he took out on his Boston home last December, when the campaign was desperate for an infusion of cash.

Michael Meehan, a senior advisor in the Kerry campaign, said no decision about payment of the loan had been made. “It remains outstanding. There is no decision on what to do with the excess campaign funds if there were to be any,” he said.

Tonight, Bush will appear at a fundraising dinner in Washington on behalf of the National Republican Congressional Committee and the National Republican Senatorial Committee that is expected to raise $21.5 million.

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2004 presidential race: money totals

*--* As of June 30 Bush Kerry Total raised $228 million $185 million Cash on hand $64 million $36 million Spending in June $12 million $28 million Raised in June $13 million $36.5 million Raised online in June $1.1 million $12.1 million Raised through direct mail and phones $11.5 million $13.8 million in June Sources: Bush-Cheney campaign, Kerry-Edwards campaign

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