CASH ADVANCE – AT 9:04 A.M. ET: One advantage the Dems had in 2008 was a huge fundraising effort, and success, by the Obama campaign. No longer. From WaPo:
Mitt Romney extended his cash edge over President Obama in July and entered the final three-plus months of the campaign with about 50 percent more in the bank than the incumbent president.
Romney led Obama in cash on hand at the end of July $185.9 million to $123.7 million, according to numbers released by the Romney campaign and filed with the FEC by Obama’s campaign.
And From Hot Air:
It’s not just the raw numbers that are significant, it’s how Romney’s building his advantage: Obama’s campaign is dumping money into attack ads this summer trying to tear Mitt down before he can build himself up at the convention. Per Politico, The One’s endless fundraising efforts raised $49 million last month — while the campaign spent $59 million. Result: A national lead of less than three points bought at the price of a large, and growing, money advantage for the GOP in the fall.
In theory there’s going to come a “panic point” for Democratic donors where they start taking Romney seriously as a genuine threat to beat O, and that’s when the wallets will finally open. How far behind can they afford to fall, though, before they can’t realistically make up the difference? Remember, the numbers above don’t even include Super PAC money, where the GOP is heavily favored. I used to scoff at the thought that a guy who had his own money machine in 2008 could possibly be outspent this time, but … yeah, seems like that really could happen. If he wins a second term while being outgunned financially and staggering under the weight of the Obama economy, that’d be one of the most astounding electoral achievements in modern U.S. history.
COMMENT: Expect a major Romney blitz following the conventions. As noted, the Obama campaign has netted minimal results this summer. And much of the kitty has been used up.
The Romney campaign now has a chance to use its financial firepower to re-introduce Romney following what we hope will be a smash convention. And, one of the main benefits of the cash reserve is to allow Romney, and Ryan, to speak over the heads of the mainstream media and directly to the American people.
August 21, 2012