Obama Spends $1.5 Million a Day!

Submitted by SadInAmerica on Fri, 03/21/2008 - 4:44pm.

Yes Siree, $1.5 MILLION A DAY!... He spent almost $43 MILLION in February!  Connect the dots and follow the money folks... the trail leads to George Soros!  Obama, Clinton and McCain are spending money like drunken fools, just wait until one of them is office, they'll be blowing tax payer money just like Bush! ~ SadInAmerica

Barack Obama's campaign spent at the rate of nearly $1.5 million a day in February as he racked up the victories that pushed him ahead of rival Hillary Rodham Clinton in their chase for Democratic nomination delegates.

It was a fierce pace fueled by extraordinary fundraising. Obama, the junior senator for Illinois, raised $55.4 million in the month and still had about $30 million in the bank for the primaries going into March, according to his report to the Federal Election Commission Thursday.

Meanwhile, aides to Republican Sen. John McCain reported Thursday that his campaign this week paid back a $4 million loan that had become the focus of a stalemate between McCain and the FEC. In his FEC documents, McCain reported raising $11 million in February. He ended it with $8 million in the bank, but that was before he paid off his loan.

Clinton has said she raised $35 million in the month, a feat surpassed only by Obama. Their lengthy reports, filed electronically, had still not appeared on the FEC Web site by late Thursday.

A summary page supplied by the Obama campaign reported that he spent $42.7 million in February. He had nearly $39 million cash on hand, but more than $7 million of it could only be used in the general election.

In a testament to the financial heft behind the Democrats, Obama's spending for the month approached McCain's spending for the entire year-long election.

McCain has now spent $58.4 million in his primary bid, surpassing the $50 million limit he would have faced if he participated in the public financing system he had been certified to join. McCain has decided not to accept the public matching funds, but the FEC wants him to assure regulators that he did not use the promise of public money as collateral for the loan.

McCain and his lawyers said the loan was secured with other assets, thus freeing him to spend as much money as he wishes on his primary campaign. The Democratic National Committee has filed a complaint with the FEC arguing McCain cannot withdraw from the public finance system without FEC approval.

In a related development, the McCain campaign said Thursday it would reimburse the federal government about $3,000 for political travel expenses incurred during his current trip to the Middle East and Europe.

Under terms reviewed by the FEC and the Senate ethics committee, McCain will reimburse the government for a one-night stay at a London hotel and first-class airfare from Washington to London because he attended a $1,000-per-person fundraising lunch there. McCain had already agreed to pay more than $2,000 for the flight home.

McCain been traveling with Sens. Joe Lieberman, a Connecticut independent, and Lindsey Graham, R-S.C., both supporters of his candidacy. The group had already been to Iraq, Jordan and Israel. The campaign has defended the mostly taxpayer financed trip as crucial for members of the Senate Armed Services Committee.

But Democratic National Committee General Counsel Joe Sandler said Thursday McCain should cover a greater portion of the trip with campaign funds.

One-time presidential candidates also filed campaign finance reports Thursday, offering a glimpse into their final days of campaigning or their post-defeat house-cleaning.

Republican Mitt Romney, once seen as McCain's biggest threat, borrowed $2 million on the eve of Super Tuesday Feb. 5 in a last-ditch attempt to salvage his campaign. But McCain routed him in the coast-to-coast primaries, and Romney bowed out two days later. Romney, who had already lent his campaign $42.3 million of his own, borrowed the money from Goldman Sachs & Co. and secured it with personal assets held at the investment firm, according to his report.

Mike Huckabee, who ended his Republican campaign March 4, reported raising $3 million in February. He spent $3.3 million during the month, half of it on television advertising and charter air travel even as John McCain appeared to be the certain Republican winner.

The former Arkansas governor operated with a bare-bones staff, maintaining a $125,000 total payroll for the month. But aides managed to stay in touch — the campaign spent $1,500 on Blackberry rental and service charges.

John Edwards, who dropped out of the Democratic contest Jan. 30, paid back a $3 million loan with his share of public matching funds in February. He reported $5 million cash on hand at the end of the period and $6 million in debts, which are secured by public funds that Edwards is still owed. Edwards, one of seven presidential candidates certified to receive public matching funds, was entitled to $8.8 million in federal money.

Republican Ron Paul continued to raise money in February, but his pace slowed from the high-water mark he set in the fourth quarter of 2007. Paul reported $1.7 million in donations in February, with $5.6 million cash on hand. The Texas Republican congressman posted a video on his campaign Web site earlier this month that signaled that he was easing out of the race. But he vowed to continue the grass-roots movement that generated millions of dollars for his campaign.

Ralph Nader, who announced a third-party presidential candidacy last month, reported raising $280,000 from contributors in February. He personally donated $40,200 to his campaign and had $280,000 cash on hand at the beginning of March.


AP News - March 20, 2008 - posted at www.rawstory.com

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Submitted by SadInAmerica on Fri, 03/21/2008 - 4:44pm.