The New York Times
September 9, 2008
Straining to Reach Money Goal, Obama Presses Donors
By MICHAEL LUO and JEFF ZELENY
After months of record-breaking fund-raising, a new sense of urgency in Senator Barack Obamas fund-raising team is palpable as the full weight of the campaigns decision to bypass public financing for the general election is suddenly upon it.
Pushing a fund-raiser later this month, a finance staff member sent a sharply worded note last week to Illinois members of its national finance committee, calling their recent efforts extremely anemic.
At a convention-week meeting in Denver of the campaigns top fund-raisers, buttons with the image of a money tree were distributed to those who had already contributed the maximum $2,300 to the general election, a subtle reminder to those who had failed to ante up.
The signs of concern have become evident in recent weeks as early fund-raising totals have suggested that Mr. Obamas decision to bypass public financing may not necessarily afford him the commanding financing advantage over Senator John McCain that many had originally predicted.
Presidential candidates in a general election have typically relied on two main sources of money: public financing, along with additional money their parties raise. In choosing to accept the public money, the McCain campaign now gets an $84 million cash infusion from the United States Treasury. Mr. McCain is barred from raising any more money for his own campaign coffers but can lean on money raised by the Republican National Committee, which has continued to exceed expectations.
Meanwhile, Obama campaign officials had calculated that with its vaunted fund-raising machine, driven by both small contributors over the Internet and a powerful high-dollar donor network, it made more sense to forgo public financing so they could raise and spend unlimited sums.
But the campaign is struggling to meet ambitious fund-raising goals it set for the campaign and the party. It collected in June and July far less from Senator Hillary Rodham Clintons donors than originally projected. Moreover, Mr. McCain, unlike Mr. Obama, will have the luxury of concentrating almost entirely on campaigning instead of raising money, as Mr. Obama must do.
The Obama campaign does not have to report its August fund-raising totals until next week, so it is difficult to tally what it has in the bank at this point. A spokesman said that August was its best fund-raising month yet and that the campaigns fund-raising was on track. But the campaign finished July with slightly less cash on hand with the Democratic National Committee compared with Mr. McCain and the R.N.C. The Obama campaign has also been spending heavily, including several million more than the McCain campaign in advertising in August.
A California fund-raiser familiar with the partys August performance estimated that it raised roughly $17 million last month, a drop-off from the previous month, and finished with just $13 million in the bank.
(excerpt from full article)
September 9, 2008
Straining to Reach Money Goal, Obama Presses Donors
By MICHAEL LUO and JEFF ZELENY
After months of record-breaking fund-raising, a new sense of urgency in Senator Barack Obamas fund-raising team is palpable as the full weight of the campaigns decision to bypass public financing for the general election is suddenly upon it.
Pushing a fund-raiser later this month, a finance staff member sent a sharply worded note last week to Illinois members of its national finance committee, calling their recent efforts extremely anemic.
At a convention-week meeting in Denver of the campaigns top fund-raisers, buttons with the image of a money tree were distributed to those who had already contributed the maximum $2,300 to the general election, a subtle reminder to those who had failed to ante up.
The signs of concern have become evident in recent weeks as early fund-raising totals have suggested that Mr. Obamas decision to bypass public financing may not necessarily afford him the commanding financing advantage over Senator John McCain that many had originally predicted.
Presidential candidates in a general election have typically relied on two main sources of money: public financing, along with additional money their parties raise. In choosing to accept the public money, the McCain campaign now gets an $84 million cash infusion from the United States Treasury. Mr. McCain is barred from raising any more money for his own campaign coffers but can lean on money raised by the Republican National Committee, which has continued to exceed expectations.
Meanwhile, Obama campaign officials had calculated that with its vaunted fund-raising machine, driven by both small contributors over the Internet and a powerful high-dollar donor network, it made more sense to forgo public financing so they could raise and spend unlimited sums.
But the campaign is struggling to meet ambitious fund-raising goals it set for the campaign and the party. It collected in June and July far less from Senator Hillary Rodham Clintons donors than originally projected. Moreover, Mr. McCain, unlike Mr. Obama, will have the luxury of concentrating almost entirely on campaigning instead of raising money, as Mr. Obama must do.
The Obama campaign does not have to report its August fund-raising totals until next week, so it is difficult to tally what it has in the bank at this point. A spokesman said that August was its best fund-raising month yet and that the campaigns fund-raising was on track. But the campaign finished July with slightly less cash on hand with the Democratic National Committee compared with Mr. McCain and the R.N.C. The Obama campaign has also been spending heavily, including several million more than the McCain campaign in advertising in August.
A California fund-raiser familiar with the partys August performance estimated that it raised roughly $17 million last month, a drop-off from the previous month, and finished with just $13 million in the bank.
(excerpt from full article)
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