Endorse Liberty, one of Rep. Ron Paul’s super PACs, spent more than it raised in January, The Blaze reported Monday. The Blaze also noted that this probably wouldn't affect the PAC very much considering that it's backed by the generous support of PayPal co-founder Peter Thiel.
Today, there is another story of a PAC spending more than it raised in January. However, this time it's not one of Rep. Paul's PACs. The PAC belongs to former Massachusetts governor Mitt Romney.
The Romney super PAC, Restore Our Future, spent $13.9 million in January and only raised $6.6 million, according to a report filed Monday afternoon with the Federal Election Commission.
The lion’s share of the $13.9 million went towards online and television advertisements. The rest went towards direct mail, phone banking, and polling by a pair of Alexandria, Va., firms: NMB Research and TargetPoint Consulting Inc., according to Politico.
Overall, and as mentioned in the above, the Romney PAC spent far more than it raised. However, much like Rep. Paul's Endorse Liberty PAC, Romney staffers probably don’t need to sweat it too much -- there’s plenty more where that came from. In fact, the Romney PAC finished January with $16.3 million in the bank.
And although the Romney campaign has lost some momentum in regards to fundraising, according to The Federal Election Commission report, it continues full steam ahead with heavy, heavy spending. In fact, much like yesterday’s Paul PAC report, the main contributors to Romney’s PACs aren’t even close to scratching the surface of their total net worth.
“The report reveals 25 six-figure donations, many from repeat donors, which accounted for $4.9 million of Restore Our Future’s January haul, though it doesn’t include any of the million-dollar donations that allowed the group to raise a whopping $30.2 million last year,” reports Politico.
“Restore Our Future received $500,000 checks from three separate donors: coal company executive Joseph W. Craft of Tulsa, Okla.; Bruce Kovner of New York City and David Lisonbee of Sandy, Utah,” the report adds.
Indeed, Romney pulls in a larger percentage of his money from major donors than any major presidential candidate dating back to 2000, said Michael Malbin, executive director of the Campaign Finance Institute, in a recent Wall Street Journal report.
"A total of 81 [percent] of Mr. Romney's donations have come from people who have given at least $1,000," he said.
And even if his fundraising has seen a slight decline, Romney can take comfort in knowing that his war chest dwarfs that of his Republican rivals.
"Comparing Romney to his rivals is like comparing the Dodgers to the local high-school team," said Mike Murphy, a former adviser to Mr. Romney. "He has a huge financial advantage."