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.
Obama reported having about $34 million in primary cash on hand; Clinton reported $33 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, according to reports filed Sunday with the Federal Election Commission.
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.
John Edwards, the Democrat closest to the two fundraising leaders, reported having $12 million in the bank for the primary.
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.
Favorite of investment banks
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.
Obama reported $922,000 of debt at the end of the quarter and $16 million in spending for the quarter.
The Clinton campaign said it had spent $12.5 million. Its report had not been filed yet, so the campaign’s debt, if any, could not be determined.
The campaigns had until midnight Sunday to file full financial reports to the Federal Election Commission.
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.
Paul’s cash on hand exceeds McCain’s
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 ahead of Arizona Sen. John McCain in cash on hand. 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. McCain and most of the Democratic candidates had until midnight Sunday to file their reports.
Republican presidential candidates filing second quarter reports Sunday:
- Sen. Sam Brownback of Kansas raised $1.4 million, slightly more than his campaign brought in during the previous quarter. The candidate reported having $460,236 in the bank.
- Former Arkansas Gov. Mike Huckabee raised $764,000 and had $437,000 cash on hand at the end of last month.
- Former Wisconsin Gov. Tommy Thompson raised $461,000. He reported nearly $122,000 cash on hand, but also listed debts and obligations of more than $127,000.
- Rep. Duncan Hunter of California raised $806,000 and had $213,000 cash on hand.
Lackluster performance in the second quarter already caused one Republican candidate to quit the race. Former Virginia Gov. Jim Gilmore announced Saturday he was withdrawing. On Sunday he reported $62,000 cash on hand and $129,000 in debts and obligations.