Dem Candidates Facing Cash Crunch
(RightWing.org) – The appearance of multibillionaire Mike Bloomberg in the Democratic race couldn’t have come at a worse time for his rivals. New data from the Federal Election Commission shows that many of the remaining runners are scraping the barrel for cash. Their brutal takedown of Bloomberg at the latest debate has sparked a fresh burst of donations and earned them some breathing space, but there have to be questions about how long they can keep going.
Former NYC Mayor Michael Bloomberg has a personal fortune of about $62 billion. He’s already spent hundreds of millions of his own money on his election campaign, but there’s a lot more where that came from and he could outspend all the other candidates together without breaking a sweat. There are signs that this has his rivals worried.
Senator Elizabeth Warren (D-MA) thanked her supporters for a new influx of funding after the recent debate, where she turned in a fiery performance against Bloomberg. Warren said that thanks to that boost she had made more than $5 million in contributions and was raising her goal for the Nevada caucuses from $7 million to $12 million.
FEC Shows Candidates Struggling
- However, data from the FEC shows that, for Warren, this money came just in the nick of time. At the end of January, her campaign fund was down to just $2.3 million – days away from running out of cash.
- Warren was at the bottom of the financial pile at the start of the month, but Senator Amy Klobuchar (D-MN) wasn’t doing much better. The FEC figures show she was down to her last $2.9 million.
- Klobuchar benefited from a strong bounce after the New Hampshire debate on February 7, with $12 million in new funding since then.
- Pete Buttigieg was doing better at the end of January, with $6.6 million remaining, but there are signs he’s still worried about cash flow. This month he’s been focusing on fundraisers, urging supporters to help meet an ambitious target of $13 million by Super Tuesday. Joe Biden, who was down to $7.1 million, is also working hard to boost funding.
- Meanwhile, Bernie Sanders, the independent socialist senator from Vermont, is the best-funded of the original candidates. At the end of January, he had $17.1 million left from the $25 million he raised that month, and it seems his policy of relying on small donations is still bringing in a steady flow of cash. But will it be enough to beat out Bloomberg’s bottomless personal fortune? Time will tell.
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