Republican presidential hopeful Mitt Romney at an "Ask Mitt Anything" session at Saint Anselm College in Manchester, N.H., today. No word on whether anyone asked Romney for $8.5 million. AP Photo by Jim Cole
by Mark Silva
Mitt Romney, who started the year as the front-runner in fundraising among Republican candidates for president, has loaned his campaign $8.5 million of his own money in the most recent quarter to make up for an apparent slide in fundraising and heavy campaign spending.
Romney, the former governor of Massachusetts, reported raising $23 million in the first quarter of the year, and another $20.9 million in the second quarter.
But today, the Romney campaign said the multimillionaire had loaned his campaign $8.5 million in the most recent quarter that ended Sept. 30 â which enabled him to keep up a pace of about $20 million a quarter and bring his total âreceiptsââ to $62 million.
The candidateâs loan also makes up for the fact that Romney has been spending heavily in his contest with other Republicans. He has aired costly TV ads in early primary and caucus states. He had about $11.9 million on hand to spend at the end of the first quarter, $12.1 million on hand at the end of the second quarter.
And now, Romney reports just $9 million cash on hand at the end of the third quarter â just a little more than he had loaned himself.
"In other words,'' a Democratic Party operative says of Romney, "without his personal money, the campaign would be flat broke.''
The campaign raised $10 million for the partyâs primary contest in the past three months, a spokesman said today. This was all primary-oriented money, with Romney âoptingââ to raise no money for the general election campaign ahead during the quarter.
âGovernor Romney's message of conservative change and returning to conservative principles in Washington is resonating with people from across the country as his support continues to build,ââ the campaign said along with this announcement.
Yet, perhaps curiously, the $8.5 million of Romneyâs own money which plugs the hole in the most recent quarter is roughly equivalent to what conservative Republican candidate Fred Thompson has raised during the quarter -- $8 million. That was the first quarter of fundraising for the newcomer to the GOP race, a former Tennessee senator and TV star.
The Romney campaign says it has âfocused on growing its base of grassroots supporters and contributors.ââ Romney for President will report more than 100,000 contributors for the year.
The campaign reports, at the close of the third quarter:
The campaign raised $10 million for the primary.
Romney Loaned $8.5 Million To Romney For President.
Cash on Hand: $9 Million
Total Number Of Donors So Far This Year: More Than 100,000 (23,000 New Donors In The Third Quarter)
Contributions Received From All 50 States and Washington, D.C.
No General Election Money Collected (General Funds Cannot Be Spent During The Primary Election)
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Comments
There's no doubt it takes a lot of money to lead the race. If he has it, more power to him.
Posted by: Florida health insuracne | October 4, 2007 1:10 PM
I wonder how his able bodied sons feel about him spending their inheritance like that...or does he pay them a salary with that money?
Posted by: lochnessmonster | October 4, 2007 1:12 PM
Mitt (flip) Romney (flop) would already be broke and out of the race if not for the money he's "loaning" himself.
The rightwing Evangelical whacko's will never let him win the GOoPer nomination, they think Mormonism is a cult.
Here's Willard and Rudy McThompson explaining to America why they skipped all of the minority based debates:
http://www.youtube.com/watch?v=BNoAwRdPUfc
Posted by: John E | October 4, 2007 1:45 PM
I think being able to help personally finance your own campaign helps to keep you away from special interest groups, helps keeps the money in American politics more clean. For example, how large of a percentage do you think Hillary's financial donations are from Special Interest groups?
Posted by: Ronnie | October 4, 2007 9:24 PM
I read somewhere that Romneys dad told him not to run for public office if he does not have enough money, or something to that effect. Other candidates would rather trade places with Romney, especially now as the primaries approach, they would really want to be in Romneys shoes - moneywise. So dont fret.
Posted by: dan | October 5, 2007 3:25 PM
Have Republicans forgotten the definition of the word âconservative?â
Barry Goldwater, the father of the modern conservative movement and mentor to Ronald Reagan stated that âbeing a conservative in America traditionally meant that one holds a deep, abiding respect for the Constitution. We conservatives believe sincerely in the integrity of the Constitution. We treasure the freedoms that document protectsâ¦â He went on to say âI have little interest in streamlining government in making it more efficient, for I mean to reduce its size. I do not undertake to promote welfare, for I propose to extend freedom. My aim is not to pass laws, but to repeal them. It is not to inaugurate new programs, but to cancel old ones that do violence to the Constitution, or that have failed their purpose, or that will impose an unwarranted financial burden. I will not attempt to discover whether legislation is âneededâ before I have first determined whether it is constitutionally permissible.â The US has $9.0 trillion of debt and Ron Paul is the only candidate seriously talking about significantly reducing the size of the federal government. Both Goldwater and Reagan, like Ron Paul, believed in small government, reduced taxes and protection of liberty. In 10 terms in Congress Ron Paul has never voted to raise taxes, never approved an unbalanced budget, never voted for a restriction on gun ownership, he is proâlife, wants to return authority back to the states, protect our borders, protect US Sovereignty, get the US troops from under UN Command and back under the authority of Congress, eliminate entitlement programs, and wants to get the IRS our of Americanâs lives and the federal government out of regulating and taxing businesses into extinction. We would all be well served to pull out our primer The Conscience of the Conservative by Goldwater and refresh ourselves on the meaning of the word âconservative.â Remarkably, the definition is Ron Paul and his campaign is the Hope to Restore the Republic.
Posted by: Will Pitts | October 5, 2007 5:05 PM