What Will The Story Be?
Tomorrow evening Iowans will hold the first caucuses of the 2008 presidential primary race and even as candidates are talking up their voter outreach efforts there's no denying that as Iowa plays out, money has the starring role. Here's how we see money shaping both the race itself, and the narrative of its winners and losers.Candidates are reluctant at this point to get too specific about their fundraising, wary of the money-as-viability narrative that might ensue. Nevertheless, the most recent fundraising numbers are staggering. A handful of estimates have been released, including those from Sens. Hillary Clinton (D-NY) and Barack Obama (D-IL), former Sen. John Edwards (D-NC), Gov. Mitt Romney (R-MA) and Rep. Ron Paul (R-TX). These candidates have raised at least an estimated $70 million in the fourth quarter. Clinton and Obama have each raised over $100 million for the primary and general elections this year. By this point in 2004, John Kerry had raised only $24 million. In all of 2007, candidates currently running for president have raised a record-setting $482,000,000, according to Public Campaign analysis and the Center for Responsive Politics. This is a substantial 80 percent increase from the $272 million raised in all of 2003, according to the Campaign Finance Institute. And we've got ten more months of this fundraising frenzy left to look forward to! As the campaign cash registers cha-ching towards the $1 billion mark the case for Clean Elections gets even stronger.