McCain Campaign Ended 2007 In Debt

But He Has Raised $7M Through Three Weeks In January After Primary Wins

(AP)  John McCain ended the year with $3 million cash on hand and a $4.5 million debt, but he raised $7 million in the first three weeks of January and planned to capitalize on his Florida victory Tuesday with coast-to-coast fundraisers over the next three days.

McCain's end-of-year financial reports, filed late Tuesday with the Federal Election Commission, showed he raised $6.7 million during the last three months of 2007 and borrowed $3 million.

The Republican presidential candidate spent nearly $9.5 million during the quarter, with $4.3 million devoted to advertising.

The totals, a month old now, bear little semblance to the current state of the campaign.

McCain, whose finances slumped last summer, has been rebuilding his treasury with every primary victory this month. He won in New Hampshire, South Carolina and Florida. He now heads into the sweeping, delegate-rich Feb. 5 primaries and caucuses with a strong wind at his back, but still facing a rival in Mitt Romney who is willing to dip into his own personal fortune to stay in the race.

The McCain campaign plans fundraisers in San Francisco and Los Angeles on Thursday, St. Louis and Chicago on Friday and Nashville and Atlanta on Saturday.

His campaign would not say how much money McCain currently has on hand. McCain has qualified for public financing, but with his victories, his momentum and his string of scheduled fundraisers, it is not likely that he will accept the money and the limitations on spending that are attached.