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Obama campaign mulls what to do with $30M surplus

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Thrill Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 07:14 PM
Original message
Obama campaign mulls what to do with $30M surplus
WASHINGTON Democrats carrying significant campaign debt after winning a string of House and Senate races are grumbling about President-elect Barack Obama's financial reserves, saying the party's leader is sitting on a pile of cash while Democratic leaders are broke.

Obama's organization retains some $30 million after his successful presidential bid, but it's unclear how the Democratic president-in-waiting might use the money. Members of his party are doing their best to appeal for the funds without appearing greedy, ungrateful or hostile to their new leader.

"If I was a top adviser to the president elect, I wouldn't necessarily be advocating saving those dollars," said Raymond Buckley, chairman of the New Hampshire Democratic Party. "It was critically important that we not repeat what happened in '93, '94," when President Bill Clinton held the purse strings and Democrats lost 54 U.S. House seats and eight senators during midterm elections.

"We need the resources to build the national grass roots network for the Obama agenda. We need to make sure the president is successful and that the administration fulfills his promises," Buckley said.

The Democratic National Committee is carrying about $5 million in debt, with almost $12 million cash on hand. DNC officials say they expect to have the debt paid by the end of the year. The Democratic Congressional Campaign Committee carries some $19 million in debt and less than $3 million on hand. The Democratic Senatorial Campaign Committee is nearly $13 million in debt.

Obama raised more than $745 million during his marathon campaign, more than twice the amount obtained by his rival, Republican John McCain. In his latest finance report, Obama reported raising $104 million in more than five weeks immediately before and after Election Day.

"This is the first presidential candidate and president who has not been publicly financed in the general election," said Ken Gross, a former Federal Election Commission lawyer. "Every other president since Jimmy Carter has not had excess funds."

Obama opted not to participate in public funding system. In exchange, he was able to continue raising money, while McCain accepted $84 million in taxpayer money, and the spending restrictions that went with it, through the public financing system.

http://news.yahoo.com/s/ap/20081206/ap_on_el_pr/obama_d...
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democrattotheend Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 07:19 PM
Response to Original message
1. Seriously? Not a bad problem to have
I think he should give part of it to charity, if that's allowed. Then hold the rest for 2010 and 2012.
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Milspec Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-06-08 09:55 AM
Response to Reply #1
14. Well they could start by sending me my
car magnet, I've been waiting since 2 week before the election. I had previously donated but would really like my magnet.
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Captain Hilts Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 07:40 PM
Response to Original message
2. It should have been passed around during the election. You should cross the finish line with $0.
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Captain Hilts Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 07:40 PM
Response to Original message
3. duplicate
Edited on Fri Dec-05-08 07:40 PM by MookieWilson
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davidpdx Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 07:52 PM
Response to Original message
4. It seems to me like Obama's campaign should distribue the money
$18 million to the Congressional Committee and $12 million to the Senatorial Committee which would pretty much wipe out their debt. The DNC has enough the cover the $5 million which they owe.

They should get all the debts paid off by the end of the year and start fundraising for 2010 in Jan.
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beachmom Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 07:59 PM
Response to Reply #4
6. Actually it takes closer to 4 years to settle all debts and go through
the proper audits and such.

Obama should hold onto the money, perhaps doling some out for midterm elections (although he will be a champion fundraiser no doubt), because it will be the basis for his campaign in 2012.

It is normal to have some money left over. Gore did. Bush did. Kerry did. And Obama wasn't even on public financing.
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mucifer Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 07:55 PM
Response to Original message
5. The billionares will still be able to donate to campaigns. But, with the economy
crashing average people aren't gonna have much to donate to the dems.
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Clio the Leo Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 09:17 PM
Response to Original message
7. Can it not be kept in the bank until 2012? That would be my preference. NT
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Phx_Dem Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 09:19 PM
Response to Reply #7
8. That's what I'm thinking. Interest on $30 mill for 4 years?!
HUGE.
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Clio the Leo Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 09:25 PM
Response to Reply #8
9. I'm thinking you can ....... seems like I remember a story...
... about someone, Kerry or someone .... still having money from 2004.
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CitizenPatriot Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 09:27 PM
Response to Original message
10. and it's not like the campiagn expences stopped the day after the election
there are Obama staffers, website costs, the list goes on and on. Hold on to the money, Mr. President. We need you to win again in 2012.
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Vinca Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-06-08 07:00 AM
Response to Original message
11. For starters, stop asking for donations everytime an email goes out. nt
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hisownpetard Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-06-08 09:07 AM
Response to Reply #11
13. Amen! I am still getting emails (from David Plouffe, etc.) that say "Donate" at the end.

I gave 10 times more than I could afford, throughout the entire election process - not just to Obama,
but to MoveOn, the ACLU, Defenders of Wildlife (which was my anti-Palin charity of choice), to Al Franken and
opponents of Sununu, Saxby Chambliss, Michelle Bachman, etc, etc.

I assumed that one of the correllary benefits of the election (besides the amazing and super-wonderful fact that we WON!!!) was that
I would no longer have to make these contributions. I felt privileged to be able to help in some small way, but I needed to get my credit card
balance back down!

So why am I still being asked to donate?
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dbmk Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-06-08 11:24 AM
Response to Reply #13
18. Last time I got something like that from the Obama campaign
It was asking for donations to the DNC - not Obama.
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hisownpetard Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-06-08 11:51 AM
Response to Reply #18
19. I had one a day or two ago from Obama, asking for donations to help retire Hillary's campaign debt.
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RayOfHope Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-06-08 11:54 AM
Response to Reply #11
20. Those emails are asking for $ for the DNC, not Obama n/t
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MaineDem Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-06-08 07:53 AM
Response to Original message
12. Fund the 50 State Strategy
Please!
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Hutzpa Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-06-08 10:20 AM
Response to Original message
15. This is the problem with Democrats
they tends to allow bent up ego to crowd their judgment, instead of focusing in solving the issues at hand they've got their eyes on what the Obama team has left for coming elections.

When are these fooks going to learn???

This is absolurely non grata.....

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ClarkUSA Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-06-08 11:02 AM
Response to Original message
16. The same Democrats who are griping are probably the ones who dissed Obama during the primaries.
Those who have been truly supportive of Obama would never moan about this to the media. They'd trust him to do the right thing.
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Occam Bandage Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-06-08 11:10 AM
Response to Original message
17. I think that money would best be used funding another 50-state organization effort.
Keep turning those battlegrounds blue, and those red states into battlegrounds.
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