Sen. John McCain‘s presidential campaign burned through more than $8 million during the first three months of 2007, leaving the onetime Republican front-runner with only $5.2 million in the bank, less than half the cash remaining for each of his chief rivals for the GOP nomination.
The Arizona senator’s campaign also listed $1.8 million in debts, including $207,000 on its American Express account, in a report filed yesterday to the Federal Election Commission.
George Will writes in the new issue of Newsweek that “[t]here are reasons of temperament and policy, including Iraq policy, to doubt that [McCain] should be president,” but there is also a very practical argument: Contributions are the visible sign of an invisible hand of the political market, and Senator McCain isn’t getting them.
At two political events at which I spoke on Wednesday –everyone present being a contributor to the congressman on whose behalf I spoke, and thus in the target market for the presidential campaigns– I asked for a show of hands as to whom had contributed to Giuliani, Romney and McCain. Romney had a clear lead at event one, and at event two it was a tie between the Giuliani and Romney givers in attendance.
The combined total of McCain givers at both events? One.
Fred Barnes thinks Senator McCain can turn this around. If that is the case, McCain’s Q2 will have to meet or beat the other two leaders.