As the Presidential candidate's FEC reports become available, some interesting patterns are developing. According to one report, Mitt Romney actually spent more money in the second quarter than he raised. He cut himself a check to cover the campaign deficit.
So now we know why ex-MA Gov. Mitt Romney wrote himself a "nightmare" $5M check at the end of the second quarter: he spent more than five million more than he raised. Put together, Romney's burn through about 99% of his receipts.
Romney's campaign filed its second quarter report with the FEC today. Friday.
Romney aides insist that the campaign is on budget, and judging by the size of the check he wrote, Romney has promised to fill in the gap between receipts and expenses.
But raising money is tougher in the third quarter, and it will especially hard if Romney stays low in the national polls. It's unclear whether Romney can sustain the pace he's achieved: nearly $5M in television advertisements, $2.3M in salaries and insurance, and $1M in donor prospecting and list rental.
The real interesting point here is Romney's standings in the polls. Folks have given Romney credit for being atop the polls in Iowa and New Hampshire. But the fact remains, he's spent millions in advertising in those two states, while none of his opponents have spent a dime. He should be ahead right now. The question is - Will the lead hold when his competitors start advertising?
The other point worth mentioning is how his campaign's spending belies Romney's claim to be a fiscal conservative. I know he's rich, but he can't cover the annual federal deficit, can he?