Obama raises less, McCain low on cash

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By Jim Kuhnhenn ASSOCIATED PRESS

WASHINGTON (AP) – Barack Obama and John McCain enter the final days of the presidential campaign amid dwindling reserves, with Obama hindered by a sudden drop in fundraising and McCain restrained by spending limits.

Obama, the Democratic nominee, spent more than $105 million during the first two weeks of October, according to new campaign finance reports. He reported raising only $36 million for his campaign during that period, about half the fundraising pace he enjoyed in September.

The Illinois senator shattered records and dumbfounded Republicans and Democrats by raising $150 million in September. Obama could still do better in October. His more recent report showed he had taken no share from a joint Obama-Democratic Party victory fund that raised about $27 million during the same October period.

But with the election 11 days away, both Obama and McCain, the Republican nominee, are operating with diminishing funds.

Obama had nearly $66 million in the bank at the end of the two week period and debts of about $2.3 million. The Democratic National Committee and the joint victory fund reported combined cash on hand of $31 million.

McCain and the Republican National Committee reported having a combined $84 million as of last week to spend before Election Day.

The reports illustrated Obama's superior financial position going into October. He spent more than $80 million on media advertising. McCain, using his resources and the Republican National Committee's, spent a combined $38 million on ads.

McCain, who has accepted public financing for his campaign, is restricted in his spending. As of Oct. 15 he had more than $25 million in hand and more than $1 million in debts. The RNC, which has been helping his candidacy, had more than $59 million in the bank.

At McCain's spending rate of $1.5 million a day, the Arizona senator likely has only $12 million to spend in the next 11 days before the Nov. 4 election. He began the fall campaign in September with $84 million in public funds.

Obama is not participating in the public finance system, a strategy he used to advantage in September with a remarkable surge of donations. His October fundraising slowed, even though Democrats had hoped that presidential and vice presidential debates held during that period would have spurred additional giving.