Candidates’ motto: Spend to earn
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Candidates’ motto: Spend to earn
TEXT OF STORY
Dan Grech: Midnight was the deadline for the presidential candidates to turn in their summer fundraising numbers. Here’s what we have: The Democrats raised twice as much money as the Republicans. In fact, Clinton and Obama alone raised more than all of the Republicans combined.
But we spotted another trend that should be noted. The candidates are spending more than they’re taking in. Dan Grech reports.
Dan Grech: Democrats and Republicans alike spent more this summer than they raised.
Barack Obama took in $20 million, but spent $21 [million].
Rudy Giuliani picked up $12 million, but burnt through $13 [million].
And Mitt Romney raised about $10 million, but spent more than twice that much. He had to lend his campaign $8.5 million just to keep going.
Massie Ritsch: This is the gamble they’re taking. They’re spending lots of money in the hopes that it will get them the name recognition and the voter support that they need to vault them through to the end of the primary season.
Massie Ritsch is with the Center for Responsive Politics in Washington, D.C.:
Ritsch: If you were running a business this way, you wouldn’t last long.
Hillary Clinton was the glaring exception. She raised $27 million, but spent just $21 [million]. For the first time, that left her with more money than rival Barack Obama.
I’m Dan Grech for Marketplace.
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