Obama Enters Final Stretch Leading in Cash
His fundraising has given Democrats a big cash advantage.
Oct. 21, 2008 — -- Barack Obama and John McCain headed into the home stretch of the presidential race awash in money, but Obama holds a hefty cash advantage over his Republican rival, according to financial reports.
Obama started October with $133.6 million in the bank, while McCain, who has limited himself to public funds, had $46.9 million in cash on hand, according to financial disclosure forms filed with the Federal Election Commission.
Both campaigns are aided by the Democratic and Republican national committees, which have their own war chests.
The Republican National Committee reported a $77.5 million bankroll. Combined with McCain's funds, the GOP began October with $124.4 million to spend on the election.
The Democratic National Committee started October with $27.4 million in cash on hand. Combined with Obama's funds, the Democrats started the final weeks of the campaign flush with $161 million.
When all the funds are counted up, Obama has a $37 million advantage going into the crucial final weeks of the presidential race.
Obama's fundraising prowess has been unlike anything before in presidential politics. He has now raised more money than George Bush and John Kerry combined in their 2004 campaign.
In fact, the Obama campaign, which has overall fundraising figures north of $620 million, is only about $50 million shy of the total amount of money raised by all of the presidential candidates in 2004 combined.
And he is still raising money at a record clip. In September, Obama shattered his previous record by bringing in $153 million, and Obama supporters received a fundraising appeal Monday asking for contributions to help strengthen field operations.
Obama has used his financial advantage. In September, McCain spent $44.6 million of the $84 million check he received in public funding for his general election campaign. The Obama camp spent $96.8 million in September, more than twice as much as McCain.
Obama is outspending McCain, 3½ to 1, on television advertising in swing states, and his overall amount of money on ads since the nomination period ended in June is approaching $200 million, according to recent Campaign Media Analysis Group numbers.
