McCain has less cash than Romney, Giuliani
Sen. John McCain, once considered the front-runner for the Republican presidential nomination, disclosed Saturday that he had less than half as much money in the bank as his two main rivals and nearly $2 million in unpaid bills at the end of the first quarter of 2007.
In a campaign finance report filed Saturday, McCain reported that he raised $13 million in the first three months of the year. He spent $8.4 million, had $5.18 million in the bank, and had $1.8 million in unpaid bills.
McCain’s $13 million would have been a record in past years. But in a campaign in which fundraising records are being shattered, the Arizona senator’s first-quarter total placed him third -- former Massachusetts Gov. Mitt Romney raised $21 million, former New York Mayor Rudolph W. Giuliani $14.7 million.
Romney and Giuliani each had nearly $12 million in the bank March 31, the close of the first quarter. They are making their first runs for the presidency. McCain ran in 2000.
Hoping to right his campaign, McCain has shaken up his fundraising operation, placing it under the direction of former Texas Rep. Tom Loeffler. Loeffler, who heads a political law and lobbying firm, was one of President Bush’s major money people. He joined McCain’s campaign last month.
“We recognized that we were falling short of our fundraising goals, and began restructuring our fundraising operation,” said McCain spokesman Matt David.
Does the fundraising disparity mean McCain has lost? “By no means,” said Republican political consultant Wayne Johnson of Sacramento, who has not endorsed a candidate. “He has shaken up the finance team. I think they’re going to be much more aggressive.”
McCain’s fundraising showed signs of turning around as the first quarter ended. He raised $7.2 million in March, though he still trailed Giuliani, who raised $10.4 million that month, and Romney, who raised $8.3 million.
A review of McCain’s filing shows California was his largest donor state, providing him with $1.7 million, followed by New York’s $1.3 million and home state Arizona’s $1.26 million. Donors affiliated with the law firm Blank Rome, a major Washington lobbying presence, gave McCain $118,000, more than any other employer.
McCain drew $2.7 million from Southern states, compared with Giuliani’s $3.5 million and Romney’s $3.3 million. In Northeastern states from New Jersey to Massachusetts, McCain raised $2.4 million, compared with Giuliani’s $4.6 million and Romney’s $4.1 million.
McCain led his foes in one area: the size of his payroll. He spent $2.42 million on salaries and payroll taxes, compared with Romney’s $1.9 million and Giuliani’s $1.34 million.
Other GOP hopefuls include Sen. Sam Brownback (R-Kan.), who raised $1.3 million in the first quarter and had $806,000 in the bank as of March 31, and former Arkansas Gov. Mike Huckabee, who raised $544,000 and had $374,000 in the bank.
doug.smith@latimes.com
Morain reported from Washington and Smith from
Los Angeles. Times researcher Maloy Moore and data analyst Sandra Poindexter contributed to this report.
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