June 18, 2009 6:20 PM

McCain Outspent Obama In June

(CBS/AP)  Barack Obama reversed a two month trend in June by raising more money and spending less, a tangible result of clinching the Democratic nomination.

Obama continued to raise money for the primary stage of the election, a noteworthy showing that means he has not even tried to tap most of his 1.7 million donors for general election cash.

The Illinois senator reported bringing in $52 million in June, more than twice the nearly $21.5 million raised by Republican rival John McCain during the month. Obama had $72 million in cash on hand to McCain's $27 million, according to their reports with the Federal Election Commission.

But McCain's fundraising is getting a significant boost from the fund set up with the RNC. Overall, the RNC, with the victory fund, raised nearly $26 million in June. The RNC had nearly $69 million cash on hand. Though McCain is limited in spending by his acceptance of public funds in the fall, the Republican Party can raise and spend as much as it wants to help him. Altogether, McCain and the RNC began July with $96 million in the bank.

In clinching the nomination, Obama also helped the Democratic National Committee raise money. The DNC and two victory funds it set up raised $24.2 million in June and had $20.4 million cash on hand. Obama and the party had $92 million in the bank at the start of July.

Sen. Hillary Rodham Clinton, who suspended her quest for the White House on June 7, faced a starkly different financial picture. She lent herself an additional $1 million in June to pay off vendors, increasing her total loan to the campaign to $13.2 million. She reported owing vendors $12 million. She raised $2.7 million from donors in June.

Unlike McCain, who spent more than he raised in June, Obama accumulated cash during the month, holding back on a ramped-up television campaign until July. McCain spent $16 million on advertising in June to Obama's $5 million. Obama is now matching McCain's and the Republican Party's spending on advertising.

Obama filed his financial document Sunday; McCain on Friday.

Obama reported $25.6 million in spending in June, his lowest monthly operating costs of the year. McCain disbursed $27 million in the month, including $1.2 million to a special accounting fund for the fall campaign.

Obama's contributions included $1.4 million raised through a joint victory fund set up with the Democratic National Committee. He reported a debt of $891,000.

While McCain reduced his cash on hand from May to June, Obama increased his by $29 million.

The different financial pictures reflect two distinct strategies by the campaigns. McCain plans to accept $84 million in public funds for the fall presidential campaign, a move that prevents him from raising or spending any more money above that sum.

The Money Race
Check out May tallies for Obama and McCain — including how much they've raised and spent since the campaign began.
Obama has decided to the bypass the public finance system, the first major party presidential candidate in three decades to do so in the general election. That means Obama needs to build up his cash reserves going into the fall campaign, whereas McCain needs to deplete his.

Obama and McCain, meanwhile, are still busy raising money. McCain held fundraisers in the Hamptons in Long Island on Saturday and was headed to Maine on Sunday for more fundraising and a speech in South Portland. One fundraiser, at the estate of billionaire Ronald Perelman, raised money for the campaign, his joint victory fund with the Republican National Committee and various state parties.

Clinton's decision to lend herself $1 million on June 30 underscored her struggle raising money. Obama has asked that his donors help her reduce her debt. A joint fundraising event in New York earlier this month brought in about half a million dollars for Obama and about half as much for Clinton, according to fundraisers. Clinton's biggest single debt was $5.3 million to her senior adviser and pollster Mark Penn, but aides to Clinton said she first intends to pay off small vendors owed money by the campaign.

She has until the Democratic national convention at the end of August to raise money to pay off her loan, an unlikely prospect. After that, she can only pay herself back $250,000.

Clinton ended her campaign with more than $23 million designated for the general election. She is asking donors whether she can convert that money to the campaign account for her 2012 Senate re-election. Donors can also ask for refunds of that money.

© 2009 CBS Interactive Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.
Add a Comment See all 64 Comments
by starleo146 July 22, 2008 3:00 PM EDT
John McCain continues to get a free ride from the reicht winged fascist US media.

He has been on every 10 minutes crying, shouting, shaking that finger please the media loves him
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by starleo146 July 22, 2008 2:58 PM EDT
Did I detect a little frustration and just a taste of McBush''s temper over Obama not seeing his view on Iraq man if he had it his way no withdrawl no nothing stay and fight 100 yrs I think we have extremist in our own country and Mc Bush tops the list. Jealousy, Greed a terrible thing as prove of our country downfall today
Reply to this comment
by ov442 July 22, 2008 2:46 PM EDT
OMG!, Hillary owes 5.3 million to Penn? the guy that failed her and ruined her bid for the nomination? HOLY COW! the guy thats also a lobbyist at a firm that is run by Republicans? OMG!
This is insanity. The GOP is laughing up this one.

Hillary is the one that pushed her campaign to the point of Jokes, her supporters should pay off her debts.
Reply to this comment
by zorlacskates July 22, 2008 5:51 AM EDT
___ ____
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Reply to this comment
by jtyler271 July 22, 2008 3:00 AM EDT
Posted by fenner at 06:30 PM : Jul 21, 2008

McCain refuses to show his military record.

And his "service to this country" has been fairly offensive to vets.

He is no hero.
Reply to this comment
by jtyler271 July 22, 2008 2:58 AM EDT
Posted by fenner at 06:37 PM : Jul 21, 2008

When did Obama run away from a debate?

I seem to recall him setting up a couple of debates that McCain ran away from.
Reply to this comment
by condumbism July 21, 2008 9:52 PM EDT
Posted by fenner
MEDIA BIAS IN FAVOR OF MCCAIN?????

John McCain continues to get a free ride from the reicht winged fascist US media. McBush is running around the country, flip flopping every which way like the dead fish that he is, depending on the scale of economy of his all white audience. Does the reicht winged fascist US media report about John McFlipflops double talk "Mr. Phony" express? NEVER!



Reply to this comment
by vnveteran72 July 21, 2008 9:38 PM EDT
================
yup - this latest development is the first step in stepping out for further investigation.
by the way, the argument is not useless. it is doing exactly what we sought out to do initially, and that is bring this to the table as it is being ignored by mainstream media the same way we put Ayers on the Table, and the Church on the Table..... it is all REVELENT.

u might be satisified with anything obama tells you but logic says obama''''s word alone is not enough.


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Posted by fenner at 06:28 PM : Jul 21, 2008
+ report abuse

Being Ignored by the Criminal Reich Corporate MSM might be your first clue that it''s a laughable accusation dreamt up by Desperate Neocons who have seen the future and their own demise.
Reply to this comment
by condumbism July 21, 2008 9:33 PM EDT
John McCain continues to get a free ride from the reicht winged fascist US media. McBush is running around the country, flip flopping every which way like the dead fish that he is, depending on the scale of economy of his all white audience. Does the reicht winged fascist US media report about John McFlipflops double talk "Mr. Phony" express? NEVER!
Reply to this comment
by vnveteran72 July 21, 2008 9:29 PM EDT
My Forecast for the November Elections???
It''s gonna be a very, very, bad day for the Neocon Nazis........LMMFAO
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