Obama, Clinton Have Over $30M In The Bank

Senators Barack Obama and Hillary Rodham Clinton ended the first half of the year with more than $30 million each for the presidential primaries, a formidable financial performance for the two leading Democratic White House contenders.

As the two rivals basked in money, Republican Sen. John McCain's presidential campaign reported spending more than it raised from April through June, leaving him financially strapped with $3.2 million cash on hand and a $1.8 million debt.

Those contrasting financial pictures emerged Sunday from quarterly financial reports filed by the campaigns with the Federal Election Commission.

Obama reported having about $34 million in primary cash on hand; Clinton reported $33 million. Obama had an edge on money owed by the campaign; he reported less than $1 million in debts and Clinton reported $3 million.

Obama led in fundraising for the period covering April though June, raising $32 million for the primary election and nearly $800,000 for the general election.

Clinton raised about $21.5 million for the primary and $5.6 million for the general election, her campaign said.

Neither candidate can use the general election money unless he or she wins the nomination.

It's not just how much the candidates are raising, it's how much earlier they're raising it compared with past election years, reports CBS News chief White House correspondent Jim Axelrod. This year, half of the country will have voted in nominating contests by Feb. 5. Candidates can't afford to wait — even when they can't afford much else.

John Edwards, the Democrat closest to the two fundraising leaders, reported having $12 million in the bank for the primary.

Hindered by unpopular stands on the war and on immigration, McCain raised $11.26 million in the second quarter, short of his first-quarter donations. He spent $13 million. Overall, McCain has raised $25 million so far in his campaign and spent $22 million.

The Arizona senator upended his campaign organization last week as his financial straits became apparent. His campaign manager, Terry Nelson, left and his longtime strategist, John Weaver, resigned. The repercussions caused changes down the chain of command.

While his financial straits have been known for more than a week, the reports show that McCain spent more on staff than either of his better financed rivals. McCain's payroll grew after the first quarter, despite initial cutbacks. Overall, McCain payroll was nearly $3.6 million for the year so far.

Obama enters the third quarter with more fundraising momentum than Clinton. Not only has he aggressively gone after money, he has also worked to expand his donor base. His efforts have netted him more than 250,000 donors for the year. Overall, he has raised nearly $59 million, with all but about $1.7 million devoted to the primary election.

Despite his vaunted base of small donors, Obama is a favorite among employees of some of the nation's largest investment banks and hedge funds. One of them, Kenneth C. Griffin, president of Chicago-based hedge fund Citadel Investment Group, gave Obama $4,600 this quarter, the maximum allowed. Other Citadel employees gave him $147,550.

Lehman Brothers employees gave Obama $160,760 this quarter; Goldman Sachs, $103,550; and JP Morgan Chase, $101,950. About half of Obama's fundraising total for the year comes from about 10,000 donors who have given him the maximum donation.

New York Sen. Clinton has raised $53 million, with $12.6 million of that usable only in the general election. Clinton boosted her revenue in the first quarter by transferring $10 million into her campaign from her Senate election account.

The Clinton campaign reported spending $12.2 million.

Obama dramatically increased the size of his staff in the second quarter. His payroll went from less than $1 million in the first three months to $3.2 million in the second quarter. The campaign has hired more than 100 staffers and has 29 field offices in Iowa and six in New Hampshire.

Obama's campaign paid nearly $3 million for travel during the quarter and spent about $1.3 million in telemarketing, one of its top single expenses.

Edwards, the former senator from North Carolina and 2004 vice presidential nominee, raised about $8.8 million for the primary from April through June; he also raised $250,000 for the general election, money he can't use unless he becomes the Democratic nominee.

Overall, Edwards has raised $21.8 million for the primary and $1.3 million for the general election. While trailing Obama and Clinton, Edwards retained his place ahead of New Mexico Gov. Bill Richardson and Sen. Christopher Dodd of Connecticut.

Dodd reported raising nearly $3.3 million with nearly $6.4 million in the bank. For the year, Dodd has total receipts of $12.1 million, which includes a $4.7 million transfer from his Senate campaign account. Richardson on Saturday reported raising $7 million in the second quarter and having a similar amount in the bank.

Among Republicans filing Sunday, Ron Paul, the Texas congressman running a long-shot campaign, reported raising nearly $2.4 million from April through June and ended the quarter with a similar amount in the bank.

The total is a remarkable showing for Paul, putting him in a better financial position - with less cash on hand but no debt - than McCain. Paul still barely registers in public opinion polls and raised far less than McCain or the other leading Republicans. But his libertarian views and opposition to the war in Iraq have lit a fire among nontraditional contributors, particularly on the Internet.

Former Massachusetts Gov. Mitt Romney and former New York Mayor Rudy Giuliani, who are leading the Republican field in money and in public opinion polls, reported their finances on Friday. Romney had $12.1 million cash on hand and has lent his campaign nearly $9 million since the beginning of the year. Giuliani reported $14.6 million in the bank for the primary election.

Republican presidential candidates filing second quarter reports Sunday: