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Clinton has raised the most cash among presidential contenders

By Nicholas Rummell

The four top presidential candidates raked in some serious cash in the last few months of 2007. They spent it nearly as fast—or faster.

According to campaign statements filed with the Federal Election Commission last night, Sen. Hillary Clinton still leads the pack in terms of total fund-raising, with $104 million for the year.

Sen. Barack Obama raised $101 million . Of that total, the campaign spent $83.5 million. The campaign has $18.6 million in cash on hand.

Ms. Clinton spent $77.6 million on her campaign last year. The New York senator really ramped up the spending near the end of ’07, however. Of the nearly $78 million in expenditures, over half came from spending in the fourth quarter. The Clinton campaign has $38 million in cash on hand.

On the Republican side, Massachusetts Gov. Mitt Romney raised $53 million last year. But Mr. Romney, whose campaign estimates his personal wealth at between $190 and $250 million, funneled about $35 million of his own money into the campaign. That put him at the head of the pack among GOP candidates in total cash available. Sen. John McCain of Arizona came in second, raising $37 million last year. Rep. Ron Paul raised $28 million last year, although more than two-thirds of it came in the last quarter. Gov. Mike Huckabee raised $6.6 million in the last quarter, for a total of about $9 million.

When it comes to cash on hand, the numbers paint a slightly different picture. Mr. Romney leads the GOP field in spending, doling out $86 million last year and $34 million in the last quarter alone. Mr. Paul spent nearly as much as he raised in Q4, with $17 million in expenditures. Messrs. McCain and Huckabee spent roughly what they took in, at $10 million and $5.4 million during the fourth quarter, respectively.

The irony, of course, is that for all the media attention paid to Mr. Romney’s “cash cow” campaign, he had a mere $2.4 million in cash on hand at the end of 2007, barely beating out Mr. Huckabee. Mr. Paul, noted for advocating fiscal responsibility in government spending, was at the head of the pack with $8 million in cash on hand.

Candidates have been hitting up fund-raisers hard this month and last in anticipation of Super Tuesday on Feb. 5. That day, considered almost a national primary, features party elections or caucuses in 24 states.

CASH ON HAND TOTALS (as of Dec. 31, 2007):

Clinton (D) – $38 million

Obama (D) – $18.6 million

Paul (R) – $8 million

McCain (R) – $3 million

Romney (R) – $2.4 million

Huckabee (R) – $2 million

Write to the editors at fw_editor@financialweek.com.
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