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McCain-Obama Cash Gap Narrows

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The New York Times

Published: June 22, 2008

The fundraising gap between Sens. John McCain and Barack Obama narrowed in May as they raised nearly the same amount of money and ended the month in similar cash positions.

For McCain of Arizona, it was one of his best fundraising months, with $21.8 million coming in from individual donors and from three joint Republican fundraising dinners. For Obama of Illinois, it was one of his weaker months, drawing $21.9 million.

After raising record amounts of money all year, Obama continued spending heavily as the primary campaign extended into early June, and he ended May with $33.3 million in cash for the primary race. McCain, who raised less all year, was virtually assured of the Republican nomination by February and so spent less, ending the month with $31.6 million in the bank.

The monthly fundraising totals, filed Friday, cover the last full month of the primary battle between Obama and Sen. Hillary Rodham Clinton of New York, who dropped out of the race on June 7. Since then, Obama announced that he would opt out of the public financing system for the general election, meaning he will rely on his fundraising prowess more heavily than ever.

Federal filings show that Clinton increased her campaign debt in the last month of her primary effort, including $2.2 million that she lent her campaign. This brought to $12.2 million the total amount she loaned her campaign, which ended May $22.5 million in debt. In addition to the money she owes herself, and does not necessarily have to repay, Clinton owes $10.4 million to vendors.

McCain was helped by his party, with the powerful Republican fundraising machine holding three dinners to jointly benefit the party and his campaign, including some fundraisers headed by President Bush. Those events contributed $4.3 million to McCain's total.

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