Bradley in DC
10-07-2007, 07:28 AM
http://www.newsday.com/news/politics/wire/sns-ap-romney-loans,0,7477295.story
Romney Is His Own Biggest Campaign Donor
By JIM KUHNHENN | Associated Press Writer
7:07 AM EDT, October 6, 2007
WASHINGTON - Mitt Romney once said financing his own campaign would be a "nightmare." Writing checks, he said this week, is "painful." It doesn't seem to be stopping him. Romney is his presidential campaign's most generous supporter, lending $17.5 million from his personal fortune so far. His Republican rivals are bracing themselves for him to do it again. And again.
Romney is hardly the first presidential candidate to cut himself a check -- Steve Forbes and Ross Perot spent far more than he has. But the businessman-turned-politician, who can raise money AND open his wallet, may have the best chance to win the presidency. . .
"The Romney strategy is very clear -- win Iowa, get a bounce to New Hampshire, win New Hampshire and write yourself a check for the Feb. 5 states and start advertising," said Tony Fabrizio, a Republican strategist who has worked on presidential campaigns but is unaffiliated this election. . .
Overall, Romney has receipts of about $62 million, with $45 million raised from about 100,000 donors this year. That means he has dipped into his pocket for 28 percent of his total. In his 2002 gubernatorial campaign he had $9.4 million in receipts, of which $6.3 million came from him.
This year, Romney's personal contributions have been increasing as his fundraising has been declining. In the first quarter, he lent his campaign $2 million. In the next three months, he put in $6.85 million. This summer, he contributed $8.5 million. Meanwhile, his donations dropped from $21 million in the first three months to $10 million this past quarter.
Advisers say he is prepared to give to his campaign as long as it seems reasonable he can win.
Romney faces no great personal risk in supporting his candidacy. His assets are estimated at between $190 million and $250 million -- or, as he has described it, "a bloomin' fortune." . . .
"All of his money reaches a point of diminishing returns at some point if everyone has enough money to run a good campaign in the last two or three weeks" before the January contests," said Charlie Black, an adviser to Republican John McCain. "His money advantage happened early in the year and now. He can be out there advertising in Iowa, New Hampshire and South Carolina before other people could afford to."
Indeed, Romney has spent nearly $10 million in radio and television advertising since early in the year, building up his name recognition both nationally and in those early states. In national polls, he still lags behind other leading Republicans. But he went from being an unknown to leading the polls in Iowa. In New Hampshire, where he is far more familiar as the governor of a neighboring state, he is in a close contest with Giuliani.
Romney Is His Own Biggest Campaign Donor
By JIM KUHNHENN | Associated Press Writer
7:07 AM EDT, October 6, 2007
WASHINGTON - Mitt Romney once said financing his own campaign would be a "nightmare." Writing checks, he said this week, is "painful." It doesn't seem to be stopping him. Romney is his presidential campaign's most generous supporter, lending $17.5 million from his personal fortune so far. His Republican rivals are bracing themselves for him to do it again. And again.
Romney is hardly the first presidential candidate to cut himself a check -- Steve Forbes and Ross Perot spent far more than he has. But the businessman-turned-politician, who can raise money AND open his wallet, may have the best chance to win the presidency. . .
"The Romney strategy is very clear -- win Iowa, get a bounce to New Hampshire, win New Hampshire and write yourself a check for the Feb. 5 states and start advertising," said Tony Fabrizio, a Republican strategist who has worked on presidential campaigns but is unaffiliated this election. . .
Overall, Romney has receipts of about $62 million, with $45 million raised from about 100,000 donors this year. That means he has dipped into his pocket for 28 percent of his total. In his 2002 gubernatorial campaign he had $9.4 million in receipts, of which $6.3 million came from him.
This year, Romney's personal contributions have been increasing as his fundraising has been declining. In the first quarter, he lent his campaign $2 million. In the next three months, he put in $6.85 million. This summer, he contributed $8.5 million. Meanwhile, his donations dropped from $21 million in the first three months to $10 million this past quarter.
Advisers say he is prepared to give to his campaign as long as it seems reasonable he can win.
Romney faces no great personal risk in supporting his candidacy. His assets are estimated at between $190 million and $250 million -- or, as he has described it, "a bloomin' fortune." . . .
"All of his money reaches a point of diminishing returns at some point if everyone has enough money to run a good campaign in the last two or three weeks" before the January contests," said Charlie Black, an adviser to Republican John McCain. "His money advantage happened early in the year and now. He can be out there advertising in Iowa, New Hampshire and South Carolina before other people could afford to."
Indeed, Romney has spent nearly $10 million in radio and television advertising since early in the year, building up his name recognition both nationally and in those early states. In national polls, he still lags behind other leading Republicans. But he went from being an unknown to leading the polls in Iowa. In New Hampshire, where he is far more familiar as the governor of a neighboring state, he is in a close contest with Giuliani.