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Clinton Lent Her Campaign $5 Million in January, as Obama Outpaced in
Fundraising
Wednesday, February 6, 2008
WASHINGTON - Hillary Clinton lent her campaign $5 million in January to keep
up the pace with Barack Obama, who has outraised and outspent the New York
senator in the Democratic presidential race.
"The loan illustrates Senator Clinton's commitment to this effort and to
ensuring that our campaign has the resources it needs to compete and win
across this nation," said Howard Wolfson, communications director for the
Clinton campaign.
Wolfson told FOX News on Thursday that senior staff in the campaign,
including campaign manager Patti Solis Doyle, have also been working without
pay in February and will continue to do so throughout the month to help the
campaign economize.
Wolfson said several unnamed senior staff members initiated the move, and
those affected will go without salary in February.
The Clinton camp had deflected questions about any self-funding from the
senator until after Super Tuesday. On Wednesday, the Clinton campaign set a
new goal of raising $3 million over the next three days through the
Internet. Mark Penn, senior Clinton adviser, said the campaign was on a
record-setting pace of online donations on Wednesday.
"We have had one of our best fundraising efforts ever on the Web today and
our Super Tuesday victories will only help in bringing more support for her
candidacy," Wolfson said.
"We will have funds to compete," Penn said, "but we're likely to be outspent
again."
It's the first personal loan Clinton has given her campaign and aides say
they hope it will be the last as they seek online donations after scoring
victories in California, New Jersey and Massachusetts.
Clinton's loan marks a significant financial watershed for a campaign once
thought inevitable.
Chief rival Barack Obama has raised more than $132 million for the campaign,
about $20 million more than Clinton. Obama has not donated any personal
money to his campaign and, unlike Clinton, has not accepted donations from
corporate special interest political funds.
Fund-raising will be crucial to Clinton as she enters a new phase in the
campaign where she must try to compete with Obama's superior war chest and
matching ability to score pledged delegates for the Democratic presidential
nomination.
Obama, riding a wave of fundraising both from large donors and small
Internet contributors, collected a stunning $32 million in January. Clinton
campaign chairman Terry McAuliffe said the Clinton campaign raised only
$13.5 million for the month. The $5 million was in addition to that amount,
Wolfson said.
Clinton aides hope the loan will demonstrate Clinton's commitment to her
campaign and ellicit new donations from those who sympathize with Clinton's
fund-raising plight.
Hillary and Bill Clintons' financial disclosures, which reveal only broad
ranges of assets, place their wealth between $10 million to $50 million. The
Clintons made millions after leaving the White House in part through book
advances and Bill Clinton's large speaking fees.
Clinton's name recognition and lead in polls in some of the bigger upcoming
states give her an advantage and Obama's higher spending rate did not
translate into victories in several states Tuesday.
But the terrain ahead features contests in the short term that are favorable
to Obama. On Saturday, Obama and Clinton will compete in contests in
Louisiana, Nebraska and Washington. On Tuesday, Virginia, Maryland and the
District of Columbia hold primaries.
The Clinton camp is counting on March 4 match-ups in Ohio and Texas and an
April 22 primary in Pennsylvania to even out Obama's advantages. But all
three are expensive states in which to campaign.
Obama's camp signaled that he was ready to invest money in those states as
well. "We think we're in strong financial position so if we choose to do so
in the later states we'll have the ability to do that," campaign manager
David Plouffe told reporters Wednesday.
Clinton spent $15 million in December going into the Iowa caucuses and the
New Hampshire primary. Her campaign spent at least $9 million in the last
two weeks of January advertising in Super Tuesday states. Obama spent about
$11 million in Super Tuesday advertising.
Clinton raised $23.7 million in the last quarter of 2007 for the primary
elections compared to Obama's $22 million. Both had about $18.5 million cash
on hand for the primaries going into January. But Obama roared to a
fundraising lead in January by collecting money at the rate of at least $1
million a day and attracting more than 170,000 new donors.
The need to lend the campaign money exposes Clinton's inability to raise
money from new donors as fast or in increments as large as Obama's.
Obama has raised more money from small donations than Clinton. An analysis
by the Campaign Finance Institute, which tracks trends in political money,
found that Obama raised about a third of his money in 2007 from donors who
gave $200 or less. Only one-third of his money came from donors who have
given the legal maximum of $2,300, compared to Clinton who raised about half
of her money from "maxed out" donors and only 14 percent from donors of $200
or less.
Clinton Lent Her Campaign $5 Million in January, as Obama Outpaced in
Fundraising
Wednesday, February 6, 2008
WASHINGTON - Hillary Clinton lent her campaign $5 million in January to keep
up the pace with Barack Obama, who has outraised and outspent the New York
senator in the Democratic presidential race.
"The loan illustrates Senator Clinton's commitment to this effort and to
ensuring that our campaign has the resources it needs to compete and win
across this nation," said Howard Wolfson, communications director for the
Clinton campaign.
Wolfson told FOX News on Thursday that senior staff in the campaign,
including campaign manager Patti Solis Doyle, have also been working without
pay in February and will continue to do so throughout the month to help the
campaign economize.
Wolfson said several unnamed senior staff members initiated the move, and
those affected will go without salary in February.
The Clinton camp had deflected questions about any self-funding from the
senator until after Super Tuesday. On Wednesday, the Clinton campaign set a
new goal of raising $3 million over the next three days through the
Internet. Mark Penn, senior Clinton adviser, said the campaign was on a
record-setting pace of online donations on Wednesday.
"We have had one of our best fundraising efforts ever on the Web today and
our Super Tuesday victories will only help in bringing more support for her
candidacy," Wolfson said.
"We will have funds to compete," Penn said, "but we're likely to be outspent
again."
It's the first personal loan Clinton has given her campaign and aides say
they hope it will be the last as they seek online donations after scoring
victories in California, New Jersey and Massachusetts.
Clinton's loan marks a significant financial watershed for a campaign once
thought inevitable.
Chief rival Barack Obama has raised more than $132 million for the campaign,
about $20 million more than Clinton. Obama has not donated any personal
money to his campaign and, unlike Clinton, has not accepted donations from
corporate special interest political funds.
Fund-raising will be crucial to Clinton as she enters a new phase in the
campaign where she must try to compete with Obama's superior war chest and
matching ability to score pledged delegates for the Democratic presidential
nomination.
Obama, riding a wave of fundraising both from large donors and small
Internet contributors, collected a stunning $32 million in January. Clinton
campaign chairman Terry McAuliffe said the Clinton campaign raised only
$13.5 million for the month. The $5 million was in addition to that amount,
Wolfson said.
Clinton aides hope the loan will demonstrate Clinton's commitment to her
campaign and ellicit new donations from those who sympathize with Clinton's
fund-raising plight.
Hillary and Bill Clintons' financial disclosures, which reveal only broad
ranges of assets, place their wealth between $10 million to $50 million. The
Clintons made millions after leaving the White House in part through book
advances and Bill Clinton's large speaking fees.
Clinton's name recognition and lead in polls in some of the bigger upcoming
states give her an advantage and Obama's higher spending rate did not
translate into victories in several states Tuesday.
But the terrain ahead features contests in the short term that are favorable
to Obama. On Saturday, Obama and Clinton will compete in contests in
Louisiana, Nebraska and Washington. On Tuesday, Virginia, Maryland and the
District of Columbia hold primaries.
The Clinton camp is counting on March 4 match-ups in Ohio and Texas and an
April 22 primary in Pennsylvania to even out Obama's advantages. But all
three are expensive states in which to campaign.
Obama's camp signaled that he was ready to invest money in those states as
well. "We think we're in strong financial position so if we choose to do so
in the later states we'll have the ability to do that," campaign manager
David Plouffe told reporters Wednesday.
Clinton spent $15 million in December going into the Iowa caucuses and the
New Hampshire primary. Her campaign spent at least $9 million in the last
two weeks of January advertising in Super Tuesday states. Obama spent about
$11 million in Super Tuesday advertising.
Clinton raised $23.7 million in the last quarter of 2007 for the primary
elections compared to Obama's $22 million. Both had about $18.5 million cash
on hand for the primaries going into January. But Obama roared to a
fundraising lead in January by collecting money at the rate of at least $1
million a day and attracting more than 170,000 new donors.
The need to lend the campaign money exposes Clinton's inability to raise
money from new donors as fast or in increments as large as Obama's.
Obama has raised more money from small donations than Clinton. An analysis
by the Campaign Finance Institute, which tracks trends in political money,
found that Obama raised about a third of his money in 2007 from donors who
gave $200 or less. Only one-third of his money came from donors who have
given the legal maximum of $2,300, compared to Clinton who raised about half
of her money from "maxed out" donors and only 14 percent from donors of $200
or less.
