Romney Ends Rough Week With Disappointing Report on Campaign Finances
While the Romney campaign and the Republican National Committee outraised President Obama and the Democratic National Committee for a three month streak starting in May, Democrats managed to turn things around in August. According to campaign finance reports released on Thursday, the Romney campaign kicked off September with $50 million cash on hand and a loan to repay, compared to President Obama's $87.7 million. The Washington Post reports that Romney raised $67 million in August, but spent about the same amount on advertising and building its campaign organization. While Romney isn't exactly strapped for cash, the numbers aren't encouraging.
The news from the main pro-Romney super-PAC was even worse. Restore Our Future spent $21.2 million in August, but it ended the month with only $6.3 million in cash. According to Reuters, the pro-Obama Priorities USA super-PAC ended the month with $4.8 million in the bank, but August was its best fund-raising month yet, with $10.1 million raised.
Earlier this week, the Romney campaign revealed that it had to take out a $20 million loan against general election contributions that it couldn't access until after the convention. Repaying the loan won't be a problem, since the combined Romney/Republican National Committee fund-raising apparatus has $168.5 million in cash — however, Romney will only have access to some of those funds. All in all, Romney may be thinking twice about closing out the month of August by handing out $200,000 in bonuses to top employees.
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