FEC Report Highlights: John McCain's Campaign Is Virtually Bankrupt

Fumes: His campaign reported $3.4M on hand with a debt of $1.7M. But it also reported raising a total of $1.8M toward the general election.

That means that McCain's campaign has no cash on hand -- in fact, even with the general election money factored in, it owes about $94,000. It is, in other words, bankrupt.

Its $1.7M debt, incidentally, comes from rent that is owed, an American Express bill that is overdue, and finance payments on computers.

Spending limits: The McCain campaign reports that it has spent $288,000 toward Iowa's spending limit, $234,000 to New Hampshire's spending limit and $230,000 toward South Carolina's spending limit.

Fly Commercial: Gone this quarter: expensive charter rentals. In: dozens of flights on commercial airlines, stays in Best Westerns, Days Inn, Embassy Suites and the Oceanview Terrace Motel in Shinnecock Hills, New York.

Comments

That must mean we will see him all weekend on the TV shows, he gets free airtime when he is broke.They'll say his campaign is resurgent. Gotta love the MSM, propping up a bankrupt campaign. He ran his campaign like his party ran the country over the past 8 years, loads of debt and on the brink of bankruptcy. Goodbye John..

Posted by JackB | October 16, 2007 9:12 AM

McCain's brain is bankrupt, so its not a surprise that his campaign is bankrupt as well.

Posted by tm | October 16, 2007 9:43 AM

Absolutely amazing. If it weren't for Shamnesty, McCain would be the next POTUS.

Posted by Dick Cheney | October 16, 2007 9:53 AM

I don't get it.

I mean, I've always been bad at math but $3.4 + 1.8 - 1.7 should be $3.5 in the black, right?

($1.6 for the primary after debts are paid and $1.8 for this "general election" thing McCain thinks he'll be around for)

Posted by Ryan | October 16, 2007 10:58 AM

Does he have to limp across the finish line to Iowa to get matching funds? Is that why they are all staying in? Except for the Rudy,Tommy,Mitt and Ron, who actually have serious money for a serious campaign. Ron Paul has raised another million so far for 4th Quarter!

Posted by Bjorn | October 16, 2007 10:58 AM

Ryan - the 1.8 million is for the general election. That money is only available if he wins the GOP nomination. So even though he has that cash, it doesn't count until he wins the republican race.

Posted by Eric | October 16, 2007 11:11 AM

McCain has a real hearing problem.

He didn't hear the GOP base say we didn't like the Gang of 14. He didn't hear us say his McCain/Feingold bill is treason. He didn't hear us say "Close the Borders!"

And now he seems not to be hearing the sound of our checkbooks slaming when he walks in the room.

The reason John is bankrupt in this campaign has been many years in the making.

He should do the honorable thing and go back to the Senate and try to finish his career as a Statesman on a positive note.

Posted by Liz | October 16, 2007 11:36 AM

Given the reported financial figures, the answer to the question of whether the McCain campaign is bankrupt is clearly "NO." So why the headline???

It is still early in the Presidential campaign. As hurtful as was the illegal immigration bill, McCain's judgment on military matters in general and Iraq in particular is by the far the best. The President is the Commander in Chief, and McCain's assets in that regard are heads above everyone else.

Posted by Phil Byler | October 16, 2007 11:37 AM

Maybe you guys should stop reporting like John McCain matters and focus more attention on Ron Paul, who has more money than McCain for the second quarter in a row.

Posted by B Reyes | October 16, 2007 11:42 AM

Phil - you misread the numbers - he is bankrupt.

Some people gave more then the $2,300 max, so he has 1.8 million in the general election fund that he can't spend. He is in the red for cash on hand and able to spend.

Posted by Eric | October 16, 2007 12:10 PM

How does he call himself conservative? He cannot even run a ballanced budget campaign, and he is reporting false gains. Kinda reminds you of the war. Military is increasing our debt and not giving us the real picture.
RP2008

Posted by Dennis | October 16, 2007 12:13 PM

Re: [I don't get it.

I mean, I've always been bad at math but $3.4 + 1.8 - 1.7 should be $3.5 in the black, right?

($1.6 for the primary after debts are paid and $1.8 for this "general election" thing McCain thinks he'll be around for)]

---

He has 3.4m but 1.8m can only be used for the general election. He can't touch that money until September.

So now until then, he has 3.4m - 1.8m = 1.6m
But he also has 1.7m in debt.

So for the primaries, he has -100k

Posted by David | October 16, 2007 12:38 PM

McCain is a coward. He is the same guy who claimed that Baghdad is safe while walking on a Baghdad street surrounded by hundreds of troops, humvees and helicopters. He loves to send our kids to die in Iraq for no good reason.

Posted by Walter | October 16, 2007 12:56 PM

He's a survivor. He's proved himself time and time again and in any debate, he is head and shoulders above the rest on the issues. Seven years as a POW....regardless of your support for any candidate in this campaign, his service alone deserves more respect than some of you are giving! With that kind of record, he's not sending anyone overseas for "no good reason"....he actually has a plan....hope you are asking your politicians what their plan is once they pull out!! The long-term effects of pulling out and letting Iraq deal with it's own unrest.....that is a formula for disaster....scary and devestating....get past the immediate gratification of it all, and realize you are affecting terrorism on our land for the long-term. Ron Paul and foreign policy - check it out - we'll be an isolationist country with no allies QUICK!!! McCain is built on integrity, values, and true leadership that doesn't waiver when contested by a party line. No one is reporting false financial gains.....his gains in the polls are documented daily. We all need a little more John McCain in our lives and in our country. Props to those who are giving to his campaign! From an Independant's perspective, he's the best candidate standing....on either side! Go McCain!!!

Posted by Louisa | October 16, 2007 2:19 PM

Stick in the fork, he is done.

Survivor? 911 saved his sorry ass from an insurgent "recall mccain" campaign in his home state.

When was the last time you could believe a word coming out of his mouth?

Ron Paul is a realist Louisa. Get with the program and recognize that the msm is drooling for a Hitlery vs Ghouliani (that is bad versus worse) media hoe-down.

To quote the master: read the constitution.

Avoid the manchurian candidate -- "integrity" and values are terms of no meaning, esp. for mccain.

Posted by Chris | October 16, 2007 2:34 PM

Louisa, the long-term effects of the US staying in Iraq has been for four and a half years a formula for disaster. How many Americans, not to mention Iraqi civilians, have died in this needless war? Not one of the 9/11 hijackers was from Iraq. Why did we let bin Laden escape and invade Iraq instead? Ron Paul, unlike John McCain, had the sense to oppose the Iraq war from the beginning. Paul is not an isolationist. He believes in free markets and free trade, which bring countries together and make them less likely to go to war with each other.

The interventionist foreign policy that candidates like McCain advocate is isolationist. Our invasion of Iraq has isolated us from the rest of the world. The coalition in Iraq has been a joke from the start. Almost all our allies in Europe have not supported our invasion of Iraq, and even Britain is starting to withdraw its troops from there.

Posted by Leslie Webb | October 16, 2007 2:50 PM

Survivor: Being a top three contender for a second time running in a Presidential election is very strong, indeed. The reason he is such a survivor is his mouth and his actions match his voting record which is unusual these days. I can't apologize for using the word "integrity" in describing McCain. It is what comes to mind when watching a candidate over the years who, as a true leader, votes for what is right, not changing his stance on issues to favor "the tides for the moment".

I'm with you Chris....I'm not for the media-crazed Hillary v. Guiliani match either....unfortunately, as McCain stated so eloquently in New Hampshire this past weekend:

"Americans have lost trust in their government to do the essential things and to get out of their way in enjoying the freedom to make their own choices in their everyday lives. We Republicans have been slow to offer bold solutions in the areas of health care and the environment, and our silence has eroded American's trust in our party and made Democrat solutions that would do more harm than good seem attractive."

"Seem atractive" is the opporative word here. McCain has some solid plans in both health care and the environment....a fiscal conservative with environmental stewardship....again, not a man who strictly rides a party line....a true leader.

Chris ---I'm not sure how you can say "stick in the fork - he's done" to a man who has much greater support nation-wide than Ron Paul...your candidate of choice? It would be one thing if Ron Paul were actually leading....but not the case.

Ron Paul: I know he is the "darling of the internet" and all....but pulling out of the free trade agreement with China??? Seriously. While I do think some of his economic policy is somewhat credible as I am a fiscal conservative, his extremism on these, and his lack of a plan after just "pulling out of Iraq" is what concerns me about him and any other candidate with this view. Experience just isn't there in this regard.

Both Leslie and Chris: Just as our country clearly made mistakes in poor planning in the aftermath of the major attack on Iraq, we cannot afford to quickly "pull out" of a war without any regard to the future consequences to the American people. We must pay attention to what our service men on the ground in Iraq are saying, as well as what General Petraeus indicates. I am not "pro-war"....and neither is John McCain. Coming from a long line of family serving in our military, I do not take war lightly. No one should. I want nothing more than our brave men and women to come home. However, we must not "send them home" as a TEMPORARY gratification in lieu of ensuring we are careful in planning and preventing an insurgency that could only cause us to fare worse attacks in the future if we just "quickly run away" without a plan.

In debates thus far, Paul does not come across as a diplomat (which is what we need in order to pull together our nation)...but rather one who will continue to divide and polorize the nation with his extreme tactics. Also, something as simple as understanding social ques....he certainly does not (as is apparent in debate)...this is quite important in a President's relations with leaders of other nations. But he's certainly bold...I'll give him that!

Leslie ----"even Britain is starting to withdraw troops" ----I'm sorry....since when do we compare ourselves with Europe in terms of what "they will do"??

Posted by Louisa | October 16, 2007 4:11 PM

The reports are 2 weeks old now.

Given that Ghouliani spends $1 million per week, Ron Paul may have more cash on hand than Ghouliani by December 31.

Also, can anyone conform; the Ron Paul-O-meter on his website only records online contributions? So his big NYC fundraiser will not register for those who paid in person or mailed in their chacks?

Posted by Galileo | October 16, 2007 4:42 PM

Criticise his views if you disagree with him, that's perfectly within your rights. He is not without his controversial issues, and not without his faults as a politician. But anyone in this discussion that is challenging the character of a guy who decided it was better to stick it out being tortured at an NVA prisoner of war camp than be exchanged, simple because of who his father was, is an idiot. This guy has given more in service to his country than any of the keyboard rambos that I've read on this page. Keep that in mind when you try to add something constructive to this discussion.

Posted by JK | October 16, 2007 8:43 PM

I also love how the people who are slamming McCain stick to the delusional dream that Ron Paul has a chance of even being nominated in this contest. He may have a point that he represents what the original Republican party represented, but that isn't what the party has evolved into today. Who cares how much money you have raised when you're spending it promoting a message that doesn't resonate within your party? John McCain brings the foreign policy experience necessary to successfully end our conflicts abroad, and to question his character is a very bold move considering what he's been through in his lifetime.

Posted by Ross | October 16, 2007 8:55 PM

JK & Ross -- I couldn't agree with you more!!!

Senator McCain is definitely a man of service and character and one to be respected regardless of political views for the sacrifice he made for this country.

Ross...couldn't agree more...what a great statement you make "Who cares how much money you have raised when you're spending it promoting a message that doesn't resonate with your party?" Brilliant.

Thank you for bringing some sanity and intelligent points to this thread!!

Posted by Louisa | October 16, 2007 9:20 PM

Louisa:

With respect, you are incorrect re: free trade with China.

He has never said he would pull out of free trade with anybody. In fact, he encourages trade. (For example, he always votes against economic sanctions because he correctly views them as aggressive tactics that usually backfire.)

He is the best candidate on the trade issue. He is also way more versed in economic theory than any other candidate. How many other candidates are able to speak and understand principles like marginal utility, time preference theory of interest, the economic calculation debate or monetary inflation the way Dr Paul does?

What he is against is managed trade, which sets up power brokers and unelected beaucracies. NAFTA, CAFTA, and WTO are unelected organizations that curb free trade more than encourage it. Business people, both big and small, operating in truly free-markets don't need some pencil pushers to tell them what to do.

There is also the conflict with our sovreignty to consider. For example, the WTO is trying to fine us $100 billion over our making internet gambling illegal in the US. Whether you agree with internet gambling or not, what laws we make in our country is our own business and we shouldn't be fined for it. This is why the very idea of managed trade is appalling.

Also:

Regarding Iraq, Dr Paul has said it's not going well, we aren't supposed to be there and we should come home. I agree with this summation.

It's not safe and many don't have basic utilities and services. Their government has only tenious power. And we can't stabilize the country without turning it into a police state, and as history has shown, police states always end up crumbling. Right now, as I write, the Iraqis are screaming about mercs (Blackwater) we hired that are killing their people. Whether the reports are true or not, it is obvious we are not exactly winning hearts and minds.

The Iraqi people, like any sane people, hate the idea of being occupied by a foreign army. A very small percentage of that disgruntled group become terrorists. They kill our soldiers and kill their own people that cooperate with the soldiers. It's a war zone and it's a never ending cycle. In Vietnam, we should have learned that a small group of commited people that are banded together against people viewed as invaders (the United States) can wage insurgent warfare campaigns for decades. Did our soldiers die for that stupid war and we still learned nothing? Why are we making the same mistake again?

Last I checked, Bin Laden and Al Qaeda were the ones that attacked us. How did we end up in Iraq? Why did 3800 of our boys have to die? Why did 32,000 have to be wounded? Why are we spending $1 trillion on a country that's not ours?

Are we there for oil? If we are there for cheap oil, how come oil is now $88 a barrel compared to $35 before the war started?

Leaving is the best option. Running their country is not our business. We shouldn't have gone in, and we shouldn't stay. If we leave, we would improve our standing in the world, save hundreds of billions of dollars, keep us from going deeper into the $9 trillion hole we are currently in and most importantly save the lives of our soldiers.

Posted by B Reyes | October 16, 2007 9:26 PM

If McCain is such a statesman, why the McCain-Feingold Bill to assault the First Amendment and hide his voting record from the voters at election time?

Of course we all know he would like to Mexicanize the U.S. and eliminate our borders and sovereignty through a North American Union, a step that would eventually repeal the Constitution. He also likes an authoritarian society with no privacy or civil liberties (Patriot Act, ReadID, etc).

No one is minimizing John McCain's service in the military, but that was then, this is now. As a legislator, he sucks.

As POTUS, McCain would soundly finish the job of bankrupting our country, just as he has mismanaged his own campaign.

Worship him as a war hero if you'd like, but keep him out of public office where he will do more damage to the country he fought for. I hope he retires when his Senate term is up.

Incidentally, Ron Paul DOES has well thought-out plans, but he doesn't get the speaking time at the debates to elaborate. Do some research on him.

Finally, Ron Paul's message DOES resonate in the Republican Party. His message is the message of Taft, Goldwater, and Reagan.

As a Republican Committeeman for almost two decades, I can tell you that the rank and file DO respond VERY positively to Ron Paul's message when they hear it. As more people get the opportunity to hear Ron Paul's message, he will surge even in the polls based upon out-dated methodology.

Posted by Greg | October 16, 2007 9:55 PM

"John McCain is a coward"???!!!

Wally, your stupidity is exceeded only by your loathsomeness.

Posted by Ming the Merciless Siames Cat | October 17, 2007 9:22 AM

Take, it is here...

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Posted by mwirsqxlt smryd | June 3, 2008 6:01 AM

Just to give you guys some inputs on the fact that Iraq doesn't have utilies and services... I work with a woman that is married to a marine and he has been to Iraq 3 times in the last 20 years and they have pools, internet, laptops, etc. They would have computer video conferences daily to talk. I'm not saying the conditions are good over there by any means, but they are doing what makes us all proud and fighting for our country. Let's not pretend we haven't had problems with hussein and Iraq for the past several years because him beign over there 3 times proves that. I agree we need to get a plan and end this war, but pulling out quickly and leaving them to deal with the remains will only increase our terrorist attacks on the U.S. No one wants to see young soldiers die, but I am proud of every single one of them.

Posted by NA | June 10, 2008 12:48 PM