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McCain's July Haul: $27 Million

By Matthew Mosk
Sen. John McCain raised $27 million in July and finished that month with about $21 million in the bank, money that is fueling his aggressive television advertising campaign during the Olympics and continuing through to Labor Day.

McCain's July totals were his strongest yet, though they are expected to be dwarfed by Sen. Barack Obama's monthly fundraising figures, which have been given a considerable boost by the enthusiasm of his online donors. Obama has not released his July numbers, but will have to do so by Aug. 20, when he must report them to the Federal Election Commission.

McCain campaign manager Rick Davis estimated that the presumptive Republican presidential nominee has spent $60 million on television ads so far, and he anticipated spending down all of the campaigns primary funds by the time the Republican senator steps to the podium in Minneapolis to accept his party's nomination. McCain has agreed to accept some $84 million in public financing for the general election.

After that, he will depend heavily on the Republican National Committee for help keeping pace with Obama. The RNC will report having raised nearly $26 million in July, Davis said. And the party began August with $75 million on hand.

By Web Politics Editor  |  August 15, 2008; 10:40 AM ET
Categories:  B_Blog , John McCain , The Green Zone  
Save & Share:  Send E-mail   Facebook   Twitter   Digg   Yahoo Buzz   StumbleUpon   Technorati   Google Buzz   Previous: McCain Ad Slams Obama Tax Plan as "Economic Disaster"
Next: The Price of Gas in Aspen


Cindy McCain has her arm in a cast because of a "minor sprain" caused by a handshake? Yeah....

Posted by: tom | August 15, 2008 8:46 PM | Report abuse

Cindy McCain has her arm in a cast because of a "minor sprain" caused by a handshake? Yeah....

Posted by: tom | August 15, 2008 8:45 PM | Report abuse

To "GOP Last Place..."

There's your run-of-the-mill crackpot and then there's scary. Have a word with your doc about adjusting the dosage.

Posted by: Stu | August 15, 2008 7:50 PM | Report abuse

One candidate declared ALL you Americans need to learn Spanish....He has big plans for 30 million of my friends and relatives.

Posted by: Juan | August 15, 2008 5:12 PM | Report abuse

Americans, Europeans and the World are under the impression that Rich GOP Republicans are pathological liars and thieves. And they are right. False statements, cheating and undermining Democratic values are GOP Republican tools to hurt mankind in their selfish destructive quest to own and control this beautiful World that’s temporarily enjoyed by all.

GOP Republican Failures Last Place McCain-McBush must answer to the fact that a barrel of Oil was $24 when McBush took office and now a barrel of Oil is $145. GOP Republican rich Oil conspiracy has undermined the American People and Our Economy in their quest for selfish, destructive and greedy ill gotten super-capitalistic Wall Street gains.

Last Place McCain-McBush seven years ago changed a barrel of oil from $24 into today’s super-capitalistic greedy out of control $145.

Will the American people sit on their hands and allow Last Place McCain-McBush continued out of control wall street supercapitalistic greed to raise a barrel of oil to $200?

The price of oil is a national emergency. oil should be immediately nationalized for United States national defense.

GOP Republican Failures Last Place McCain-McBush within seven years changed a $24 barrel of Oil into a $145 barrel of Oil.

Were the GOP Republican Failures Last Place McCain-McBush serving the American People or serving their super-rich friends when they help change the price of a barrel of Oil from $24 to $145 in just seven years?

It’s time to Nationalize U.S. Oil and the Energy Industries for National Defense.

300,000,000 Americans come first when it comes to the greatest benefits to the greatest number. When one percent of the population (super rich), owns and runs everything to the destruction of the ninety nine percent (typical Americans), then something must change. Last Place McCain-McBush represents greed and destruction that must stop.

If you love America, then you should inspire the American People to rise higher and HOPE for better days.

America is HOPEFUL and GREAT and will follow the HOPEFUL and inspirational message of Harvard Scholar Irish-American Barack Obama Harvard Law.

This is the greatest presidential race in history, because Harvard Scholar Irish-American Barack Obama Harvard Law is flying like an eagle.

GOD BLESS AMERICA OUR HOME. Harvard Scholar Irish-American Barack Obama.

Irish-American Barack Obama Harvard Law loves America and the troops.

Irish-American Barack Obama Harvard Law will work with the international community to end the Iraq War in 2009.

Irish-American Barack Obama Harvard Law will bring American troops home in 2009 and reward them with benefits for homes, college, medical care, and jobs.

American troops are overwhelmingly voting for Irish-American Barack Obama Harvard Law




London, Paris, Berlin, Moscow, Madrid, Rome, Tokyo, Peking, and the other capitals all look forward to cooperating with President Irish-American Barack Obama Harvard Law.

Last Place McCain-McBush policies of failures are afraid to stand on stage with Harvard Scholar Irish-American Barack Obama.

Mumbles Last Place McCain-McBush petitioned to have a dictionary close by to keep up with Irish-American Barack Obama Harvard Law’s intellectual discourse.

Last Place McCain’s public insults towards his own wife and McBush’s public insults towards the AMERICAN PEOPLE have precluded them from moral judgment upon the World. Last Place McCain-McBush lacks moral and intellectual credibility to sit in judgment of the World and serve the AMERICAN PEOPLE.

AMERICA is voting in an intellectual scholar from Harvard Law to right OUR COUNTRY and prosecute the criminal super-capitalists.

The World is watching how a self professed Christian Moral Nation handles its pivotal point in history during the 2008 presidential election.

Will AMERICA rise to the occasion with maturity, dignity, intellect and grace?

Or will AMERICA degenerate into the GOP Republican’s Policy of Hate?

Will GOP Republicans again toss evil words of hate to OUR PUBLIC and promote a filthy campaign worthy of pre-WWII Germany?

This is a pivotal time in AMERICAN history.

Will AMERICA run a dignified 2008 presidential election?

Or will AMERICA allow Hillbillies to take over the media and orchestrate the message of hate that will shock the watching World?

A barrel of oil was $24 when McBush took office.

It's time for AMERICA to nationalize Oil and Energy Industries for National Defense.

Rich Oil billionaires and Wall Street (super-capitalism) selling out Our Country the United States of AMERICA for their own selfish profits is unpatriotic and treason.

AMERICA belongs to AMERICANS and not to Wall Street sell-out super-capitalists who send trillions of OUR U.S. DOLLARS overseas in chase of the highest immediate return on their private investments. Greed does not work and greed is destroying OUR COUNTRY. Dependence on foreign oil and oil billionaire businessmen are destroying OUR COUNTRY.

Immediately nationalize oil and energy industries for U.S. National Defense. It’s the intelligent thing to do. AMERICANS are collectively much more important than a handful of billionaire super-capitalists on Wall Street who have allegiance to no one, but their own private, selfish, destructive, and nation undermining capital gains.

McCentury McSame (McBush Part III) wants to continue McBush's failed policies.

McSame (McBush III) is not very smart and will go after Hillbillies and pig farmers votes.


Last Place McCain-McBush (policies of failures) has a lot to answer for:

War fought on the premise of uprooting weapons of mass destruction that were never found,

The failure to catch Osama Bin Laden,

Last Place McCain-McBush Disgraceful proclamation “mission accomplish”

Last Place McCain-McBush assumption that we would be greeted as liberators and not invaders

Last Place McCain-McBush invasion of our white house (America house)

Turning Iran into the "greatest beneficiary" of the Iraq war

Manipulating the price of oil from $24.00 a barrel to $145.00 a barrel. whose interest are they lobbying for? Last Place McCain-McBush policies are not in America’s interest.

Plans to keep American troops in Iraq for 100 years

Plans to initiate the draft to secure enough troops

These are just a few of Last Place McCain-McBush policies of failures that must stop.

AMERICA needs change now in a better direction.

Harvard Scholar Irish-American Barack Obama Harvard Law will demonstrate how Last Place McCain-McBush has hurt OUR COUNTRY.

The World is watching how a self professed Christian Moral Nation handles its pivotal point in history during the 2008 presidential election.

Europe is looking forward to renewing friendship and cooperation with the united States through President Irish-American Barack Obama Harvard Law.

The overwhelming majority of American soldiers are voting for Irish-American Barack Obama Harvard Law

The World is Watching one America.

United Sates of America

GOP Republican McCentury Last Place McCain is a weak nominee who lacks the intelligence to receive the 3:00 am call.

Americans are tired of corruption from McBush and his super rich Wall Street Robber Barons.
Stop Corporate Welfare.
Stop CEO Welfare.
Stop Millionaire Welfare.
Stop the rich from outsourcing American jobs.
Stop giving Golden Parachutes to the Rich for outsourcing American jobs.
Stop the Rich from using Our Public Offices for Private Ill Gotten Gains.
Stop the Rich from stealing Our National Treasury.
Stop the Rich from robbing Our National Treasury and raising the National debt.
Stop the Rich from Tax Avoidance and Tax Havens.
Stop the Rich from importing illegal drugs by the ton and destroying Our Country in the name of Wall Street high returns on investment.
Stop the Rich from eroding Our Constitutional Rights.
Stop the Rich (McBush, Cheney, Rice, Last Place McCain) from selling Our America to Saudi Arabia, China, India) in the name of outsourcing American jobs, selling American Banks, selling bulk shares of key American corporations.
Nationalize the American Oil Industry for National Defense, if you love America.
America is not for sale now or ever.

Super capitalistic privileged C students with no business running hotdog stands illegally place themselves, their rich friends, and their rich family members into the highest positions of OUR COUNTRY to maintain, promote, and expand their ill gotten wealth at the expense of Average Americans. Do you still think that lieing GOP Republicans are patriots? I think not.

Greed and stupidity are destroying Our Country and it must stop.

America must get back to moral decency, family values, respect, honor, scholarship, and service to the general Public.

America is about Public Service and not private greed.

Change is happening and America, Europe and the World welcome cooperation.

Out with GOP Republican Wall Street Robber Barons.

In with the U.S. Constitution and the American People.
We the People of the United States, in Order to form a more perfect Union, establish Justice, insure domestic Tranquility, provide for the common defense, promote the general Welfare, and secure the Blessings of Liberty to ourselves and our Posterity, do ordain and establish this Constitution for the United States of America.

We The People Are Voting For Harvard Scholar, Irish-American, and Constitution Law Professor Barack Obama Harvard Law.


The American People Have Been Last Place McCained-McBushed-Hoodwinked-bushwhacked By the GOP Republican lobbyists party of liars

The GOP Republican Party has sold its soul in exchange for private Wall Street gains that have sent trillions of Our U.S. dollars overseas to sweatshops and tax havens at the expense of the American People. This blindly overzealous Las Vegas gambling style GOP Republican Wall Street greed, which is selling to the highest bidder Our Beautiful Country must stop. America doesn’t belong to the greedy GOP Republican Wall Street Banks. Our Beautiful America belongs with Americans. It’s time to get that straight.

The Oil Crisis is a National Emergency that must be immediately Nationalized for National Defense. America must be saved by the American People. We’ve learned that America cannot rely on irresponsibly greedy GOP Republicans Wall Street Banks that have no loyalty to the American People. The greedy GOP Republicans are outsourcing American jobs to overseas sweatshops and sending trillions of Our U.S. dollars to overseas tax haven. These greedy GOP Republican acts are giving foreign governments and private billionaires a direct say and ownership in Our Country. The GOP Republicans are not patriots, but destroyers of the American Dream. We the People must take back Our Beautiful America Now.

International Court of Justice (The Hague) will question Last Place McCain-McBush-Cheney-Rice in January about their involvement in the Iraq War.

Posted by: GOP Last Place McFailure | August 15, 2008 4:56 PM | Report abuse

If I were Mr.Putin and his Generals,I would be preparing for war with the United States.Maybe a few of the lost tribes in the Amazon will survive.Zionist treason has a death grip on the American Government and Russia knows this.

Posted by: 30% | August 15, 2008 4:47 PM | Report abuse

Great. How much of this came from Georgia?

Posted by: Sara B. | August 15, 2008 4:10 PM | Report abuse

Terrorists group halibuton and carlyle and blackwater employees. Need to spend money to steal money from tax payers.

Posted by: 1-20-09 | August 15, 2008 3:33 PM | Report abuse

McCain in no Maverick. I watch Bret Maverick (James Garner) and Bart Maverick (Jack Kelly) are the real Mavericks. They are young, well-dressed, loved by the ladies, great gamblers and real cool. That does not match John McCain. The maverick that John McCain is comparing himself to is a range animal. Barack for President.

Posted by: RadianChalant | August 15, 2008 3:15 PM | Report abuse

Wrinkly old white haired dudes are hot

From my iPhone while pausing on the stream fly fishing

To all you jerks bad mouthing a genuine servant of our country who has done his best to shape his party platform when it cost him a lot of support to oppose the ideologues, go crawl back under your DailyKos rock.

Posted by: AsperGirl | August 15, 2008 3:08 PM | Report abuse

You Obama haters are full of CRAP! John McCain is fighting a dirty campaign full of lies and fairytales. If Barack Obama is an empty suit, John McCain is a puffed up 3,000 year old dusty, crusty skeleton. He is a windbag, McCain that is. He will follow the Bush policies, yes McBush, Bush Lite, McSame, McOld or whatever nickname. If McCain gets into office our country will cease to exist as a good place to live. The US will become a 2nd world country. All McCain will do is continue what George Bush has done, plus more wars and more suffering for the middleclass. Get real people. I hope I am getting under your skin. I will send Barack Obama another donation this month and each month thereafter. Barack for President.

Posted by: RadianChalant | August 15, 2008 3:03 PM | Report abuse

Adam Smith,

While your post was intended as sarcasm, I'm convinced it is the most factually accurate comment in this entire thread.

Down with political correctness!

Hooray for TRUTH!

Posted by: Bruno | August 15, 2008 2:54 PM | Report abuse

Shouldn't Obama be miles ahead of McCain now?

Doesn't he have a couple hundred million more dollars to promote his campaign?

Shouldn't things be very lopsided after eight years after an unpopular GOP president?

Doesn't McCain's maverick willingness to work with Dem's to get things done end up hurting his support from the solid conservative base?

Obama and McCain are essentially tied right now, and Gore and Kerry were doing much better at this stage of the game in the previous two elections.

Just some things to consider if you are currently pondering who to vote for.

Posted by: things that make you go hmmm | August 15, 2008 2:53 PM | Report abuse

I am quite concerned about Senator Obamas very thin experiential record, he has about 8 years in the Illinois Legislature, which is not really a full time job, and about 3 in the US Senate, the last two of which he has been campaigning for president. THis scares me particularly in light of realpolitik as we speak. Senator Clinton or even Senator McCain has more weight and command more of a presence on the world stage than Obama, he looks (and acts) too young and inexperienced IMHO.

Posted by: Vassilyevna | August 15, 2008 2:52 PM | Report abuse

"Baracky Hussein Obama"

What are you, five years old?

Posted by: George | August 15, 2008 2:46 PM | Report abuse

"Oh, and he was in cahoots with Jack Abramoff in cheating Indian tribes out of cash."

Jack Abramoff?

Why would I do that? I don't even know Abram!

Posted by: AK | August 15, 2008 2:33 PM | Report abuse

Baracky Hussein Obama will never be elected President - due to to his extremely liberal Senate voting record.

I hope that all Hispanic voters realize, that they will be at the bottom of the barrel if Barcky Hussein Obama won the election.

Democrats for John McCain in 2008

Posted by: mike | August 15, 2008 2:29 PM | Report abuse

Hey Josh,

Are there no career politicians that are democrats, Byrd, Biden, Kennedy, Mollohan, Rahall, Rockefeller, and the list goes on and on.

Posted by: john | August 15, 2008 2:28 PM | Report abuse

See this is all about Hillary....Obama only won by majority votes and those caucus things that shouldn't count because they discuss opinions instead of hiding behind a curtain (how undemocratic)

McCain will be relying on the RNC, but Obama can't rely on my vote because he's a woman hating empty suit. All his years of service don't add up to a hill of beans because Hillary was IN the White House for 8 years. That's experience by osmosis!!

McCain may not see eye to eye with just about everything Hillary campaigned for, but I'll be damned if some uppity voters are going to ruin the chance for a woman president. If she's not on the ticket then I'm staying home or voting Republican against my interests. That'll show the MAN!!

Posted by: angrywoman | August 15, 2008 2:11 PM | Report abuse

So how much money will old John rake in next week when Ralph Reed hosts a fundraiser for him in Atlanta?

You remember Ralph Reed... Head of the Christian Coalition here in Georgia. Oh, and he was in cahoots with Jack Abramoff in cheating Indian tribes out of cash. He's the same Ralph Reed McCain refused to ask to testify in hearings about cheating Jack. Yup McCain had the chance to haul the criminal Reed in before congress and he refused to act. Now he has Reed out drumming up Republican chump change. How vulgar. How typical. How very McCain.

Posted by: clint | August 15, 2008 1:04 PM | Report abuse

I don't believe Obama's experience to really be a problem. Career politicians are the biggest issue in politics. Anyone who wants to make a career as a politician does so by never leaning too far in any direction.

McCain epitomizes a career politician. He's liberal from a conservative standpoint and right-wing from a liberal's. He flip-flops his support of the Bush administration based on convenience. Career politicians should be called rebublicrats. The words they speak while campaigning are nothing but empty promises.

Posted by: Josh | August 15, 2008 12:55 PM | Report abuse

"Do some research.

It has been historically shown that when the capital gains tax is lowered, the federal government makes more. When companies spend less on taxes they can (and do in the vast, vast majority of cases) hire more people and end up helping the economy. In turn the company makes more, the employees make more, and through taxes the government makes more. All this has been historically been shown to be true."

Using that logic, if we drop taxes to .1% the government will be bringing in the most revenue which doesn't make any sense, at all. Yes, in some instances, lowering taxes can bring in more revenue; however, lowering them too drastically will result in lowered overall revenue. There is a sweet spot where the government will bring in the most money. Neither party has found that sweet spot yet but that may be due to the complexity of the tax code.

Also, with the capital gains tax decreases, it has been shown that the increase in revenue is short-lived as people who were sitting on their investments for months beforehand awaiting the decrease cash out once the tax is lowered.

Posted by: Anonymous | August 15, 2008 12:29 PM | Report abuse

In response to:

You know, the "star power" of Obama is really (to quote him) "Words, Just Words...". If he wins, it will not be due to his qualifications as a potential world leader

Bush got into office as a good old boy, someone the people could relate to. How does that qualify him as president? The country has become a mess in the past 8 years. As far as world leader, that title belongs to someone who collaborates with other nations rather than takes unilateral action. He chastises Russia, but has no problem toppling Iraq's goverment on the allegations of WMDs and then rebrands the war later as Iraqi liberation?

I've liked McCain over the years. He seemed like someone who stood on principal and not politics. I've seen him stand against his party on ethical and moral issues such as the treatment of prisoners. The McCain running for president is not the McCain I remember. I think we could do worse the Obama, and indeed have been for the past 8 years.

Posted by: JG | August 15, 2008 12:22 PM | Report abuse

Listen to the Obama haters even when the blog is mostly about McCain. McCain pulled in $27 million. Big whup?! McCain has got another 3 weeks of primary fundraising and spending before he "allegedly" accepts public financing.

Polls are virtually meaningless right now. What until a week after the Republican convention before paying attention to the polls.

Once the Democratic convention is over, Obama and his campaign are going to go after McCain hard on his Bush-like positions on the economy, Iraq, Russia, Afghanistan, Social Security, and energy.

The only way McCain will be able to stay close in the "polls" will be based on who he chooses as his VP. At this stage, McCain is a viewed at best to be a one-term president.

Posted by: Obama-Junkie | August 15, 2008 12:17 PM | Report abuse

"Yes, this does hurt our national socialist agenda -- but something has to give. Marx has all but won in Europe. Give capitalism a chance."
What are you talking about? Seriously, where do you idiots come from? Nothing, I repeat, nothing in Capitalism says taxes should be low or high, it only dictates a free market. The only reason we have social programs in this country is so that we can help people who are suffering or down or their lucky as the economy changes. I am not saying people don't take advantage but that is because that is what capitalism tells them to do, take all the free lunches they can. The Democratic and Republican parties are both capitalist in nature. Get a life, Idiot

Posted by: Thor | August 15, 2008 12:14 PM | Report abuse

Was any of this money donated by americans? Or all Saudi?

Posted by: Anonymous | August 15, 2008 12:13 PM | Report abuse

There's just no arguing, the results are in, and they are shocking!

Posted by: Blake | August 15, 2008 12:12 PM | Report abuse

I agree with Flamierd - give capitalism a chance! For too long now this country has been dominated by liberal, marxists who want to take from hard working, salt-of-the-earth folks, and give to the slimy, ungrateful poor. Rich people in this country face far too many barriers to becoming really, really, ridiculously rich. Corporations are virtually anathema in our society, and are forced to relocate to non-communist countries, like China, out of a need to survive. Vote McCain and make this country safe for the rich again!! What are the poor going to do with health insurance anyway? They will probably find a way to buy booze with it.

Posted by: Adam Smith is Dead | August 15, 2008 12:11 PM | Report abuse

We are back to hearing from folsk that Obma lost the states that mattered. the only state these folks understand is their state of mind which is warped. Obama beat the Clinton machine with a better campaign team and a better strategy simple as that. Obama will also beat Mc Cain from virtually the same resons. Mc War is bringing to the dance warmed over /Karl Rove tacticians and their lie until you die playbook today featuring Corsi. Obama has and will continue to out raise funds because the majority of Americans are tired of the same old same old lie bunch. We will elect a new President in November and his name is Barack Obama. we will enjoy more intellect attacking our problems. Why on earth would any of you vote for a guy with a bucket list anyways?


Posted by: LTG Jim Ross, Southern Command | August 15, 2008 12:07 PM | Report abuse

"Do some research.

It has been historically shown that when the capital gains tax is lowered, the federal government makes more. When companies spend less on taxes they can (and do in the vast, vast majority of cases) hire more people and end up helping the economy. In turn the company makes more, the employees make more, and through taxes the government makes more. All this has been historically been shown to be true."
What are you talking about? This have been not been proven at all since Regan made this claim in the 80's. There is not proof cause it is a load of crap.

Posted by: Thor | August 15, 2008 12:06 PM | Report abuse

Test Comment

Posted by: Anonymous | August 15, 2008 12:05 PM | Report abuse

Do some research.

It has been historically shown that when the capital gains tax is lowered, the federal government makes more. When companies spend less on taxes they can (and do in the vast, vast majority of cases) hire more people and end up helping the economy. In turn the company makes more, the employees make more, and through taxes the government makes more. All this has been historically been shown to be true.

Posted by: Zach | August 15, 2008 11:59 AM | Report abuse

I wish the Post would try harder to mask their unflagging commitment to the election of Barack Obama. This headline about McCain's "haul" is just a variation of the DNC playbook in which Democrats make "plans" while Republicans hatch "schemes." Sen. Obama "raises" funds and we envision the heartfelt gestures of the faithful. Sen. McCain takes a "haul" and we see cigar-chomping fat cats spiriting cash - probably swindled from Johnny Lunchpail - out the back door at midnight and into the hands of McCain's waiting henchmen. Hey, there's your next assignment! Work "henchmen" into a story that mentions McCain's campaign staff.

Posted by: northwood66 | August 15, 2008 11:55 AM | Report abuse

All this whining about taxes. Maybe one day the tax whiners will succeed in life and have to start paying insane taxes like some of us do now and I'm sure your tune will change. I want the government to be broke, so broke that they can't pay for anything except the bare essentials. They're corrupt and buying votes with my money.

Posted by: Mike | August 15, 2008 11:54 AM | Report abuse


Good point.

Posted by: JakeD | August 15, 2008 11:52 AM | Report abuse

McCain is clearly improving his position in state polls as well. In the past 24 hours, he gained an advantage in his second Colorado poll EVER and he gained twelve points in Minnesota. Full roundup:

Posted by: Dan | August 15, 2008 11:51 AM | Report abuse

To Greg: August 15, 2008 11:25 AM

So you would say Bush had Jesus as his Director of Marketing. 'Cause what he pulled was a miracle times infinity.

Posted by: Shin | August 15, 2008 11:45 AM | Report abuse

Flamierd, corporations have been getting tax cuts for years. Yet they are still shedding jobs while their CEOs and stockholders are raking in millions. How do you explain that? And just because we're not all like you doesn't mean we're socialists.

Posted by: Bstar | August 15, 2008 11:44 AM | Report abuse

In the words of Dick Cheney, "So?".

Posted by: Seneca | August 15, 2008 11:39 AM | Report abuse

So McCain plans to help big business with tax breaks. I guess if you are on welfare or are uneducated and doom to eternal minimum wage jobs -- then this is bad thing. However I would postulate that if you are looking for work or have a job and want stability then maybe this is something that may be good.

These economic programs are designed to stimulate the economy in an indirect manner. Instead of giving people money (as in the recent spate of rebate checks) the government has usually turned to tax cuts to help them.

Yes, this does hurt our national socialist agenda -- but something has to give. Marx has all but won in Europe. Give capitalism a chance.

Posted by: Flamierd | August 15, 2008 11:35 AM | Report abuse

Obama outspent Clinton 2 to 1, and he still lost the states that matter (i.e. swing states like Ohio). If money could buy elections, then Mitt Romney would be the nominee. Obama's greatest enemy is himself.

Posted by: Jane | August 15, 2008 11:26 AM | Report abuse

"Quote Taken fron the American Prospect"
"America's tax code needs a serious overhaul. The last clean-up was in 1986, when Ronald Reagan turned away from his tax-slashing past to partner with a Democratic Congress and close loopholes, change rates, and broaden the tax base. Over the intervening decades, lobbyists have left their Gucci footprints all over the code, and our system is a bigger mess than ever -- one that should give both Democrats and Republicans pause.

For instance, America taxes corporations at the second-highest rate in the industrialized world but collects the fourth-lowest amount of corporate tax revenue. Why? Loopholes, special deductions, tax credits, subsidies, and shelters. Politically influential industries get special deals, distorting investment decisions and forcing overall tax rates higher than they need to be.

John McCain once seemed eager to pick up the reform mantle. A tough-talking conservative who wraps himself in the Gipper's legacy, inveighs against earmarks, calls himself a deficit hawk, and fought George Bush's 2001 and 2003 tax cuts, McCain seemed to be one of the few politicians in America actually eager to restore some sense to the tax system. Then he decided to run for president.

Over the course of his campaign, McCain has consistently chosen granting tax breaks for industry and wealthy donors over tackling the problem of pet tax benefits. He proposes cutting the corporate tax rate from 35 percent to 25 percent, costing $100 billion a year, but fails to eliminate a single corporate tax break. A 25 percent rate would be below the average rate of other industrialized countries and the lowest among G-7 countries by a significant margin.

But McCain does not stop there. He would let companies immediately write off all investment in equipment and technology. Companies would get an immediate up-front deduction for their investments, rather than being forced to deduct their costs over time. The change is very valuable for companies because a $100 deduction today is worth a lot more than $10 a year for ten years. For the same reason, it is very expensive for the Treasury -- to the tune of about $75 billion a year.

McCain's top policy advisor Douglas Holtz-Eakin claims that such a write-off has no long-term cost. In fact, when Holtz-Eakin headed the Congressional Budget Office, it concluded that a similar, smaller proposal cost $440 billion over a decade. Reagan tax official Ron Pearlman labeled Holtz-Eakin's claim "so intellectually dishonest it's outrageous."

In addition to covering up the true cost of its corporate tax cuts, the McCain plan has another serious flaw: Companies can use new investments to shelter profits from other parts of their business from tax. Other advocates of immediate investment write-offs, such as George Bush's tax reform panel, considered it "essential" to also eliminate the deduction for business interest. But revisiting the interest deduction raises a host of thorny problems for Wall Street, and McCain has simply ignored this hole in his plan.

For individuals, McCain proposes repealing the Alternative Minimum Tax, the parallel tax system that was intended to prevent tax sheltering but now threatens millions of middle-class families with higher taxes and more complexity. Millions of taxpayers are required to calculate their taxes under two systems -- the regular tax code and the AMT -- and pay the higher sum. Because the AMT is not indexed for inflation, it threatens more middle-class families every year.

Congress has repeatedly passed temporary solutions that exempt most of the middle class from the AMT, but McCain would go further and repeal the AMT entirely. This approach would cost $60 billion more a year than the temporary patches do, and 57 percent of that money would flow to the top 1 percent of households. McCain could have solved both the cost and fairness problems by replacing the AMT with a modest surtax on the households benefiting from its repeal, but he did not. Once again, he chose all dessert and no vegetables.

McCain's final tax proposal is doubling the tax exclusion for dependents, costing $65 billion and helping most families with children. In essence, each family would be able to deduct an additional $3,500 for each child. This means that a millionaire, who is in the 35 percent tax bracket, would get $1,225 per child, while a steelworker, who is in the 15 percent tax bracket, would get $525. Families in poverty would get nothing because they pay no income taxes, even though they pay thousands in payroll and sales taxes.

Here, too, McCain had alternatives. Liberals have suggested consolidating tax benefits for children into a simpler, unified credit that is especially beneficial to working-class families who do not receive the earned income tax credit. Similarly, "Sam's Club conservatives" Ross Douthat and Reihan Salam have suggested baby bonuses to help new families with children.

If McCain had taken these alternatives, his tax plan would still be costly but it would have had more for families and less in corporate giveaways. He could have railed with equal passion for tax cuts and for tax reform; for toughness on corporate special interests and fairness and growth for ordinary businesses and families.

To pay for his $300 billion a year in tax cuts, McCain has made only two significant proposals. He would freeze discretionary spending besides that on defense and veterans, saving about $15 billion but hurting good programs and bad, and he would eliminate earmarks, saving as much as $18 billion a year.

McCain initially claimed that eliminating earmarks would save $100 billion, but abandoned that claim after Scott Lilly pointed out that his figure included the entire Israel aid budget as well as military housing. Even the $18 billion figure is inflated since McCain now admits that some of these earmarks have value, like the ferry in the depressed Delta community he visited last week.

To pay for the rest of his tax cuts -- some $270 billion, nearly 90 percent of the total -- McCain turns to obfuscation. He promises to review a White House list of wasteful spending and a Treasury Department list of corporate tax loopholes and create a blue-ribbon commission that will, presumably, draw up another list that will need further review. But so far he has not endorsed actually cutting any programs on these lists.

Depending on your perspective, McCain's agenda is either empty or terrifying. It is empty in the sense that McCain offers an array of budget-cutting gimmicks that dwarf Reagan's magic asterisk. But McCain's tax cuts are terrifying because, as Jared Bernstein has argued in these pages, they would eventually trigger a budgetary crisis that transforms deep spending cuts from unthinkable to inevitable.

It's hard to know if McCain is intentionally pursuing a dramatic downsizing in the government role, but it's clear to his supporters. Conservative activist Grover Norquist -- who once feuded with McCain but now praises his tax agenda -- has been clear about his desire to shrink government "down to the size where we can drown it in a bathtub." Marxists used to say "the worse the better," aiming to "heighten the contradictions of capitalism." This is the Norquist approach to our budget these days, and the implicit logic in McCain's as well.

McCain's strength as a candidate is rooted in his claim that he is a man who talks honestly and stands up to special interests. But now, on the central issue of this election, he has an agenda that does neither. With corporate giveaways and phony freezes and scrubs, McCain's tax agenda undermines his core political appeal"


Posted by: AlexP1 | August 15, 2008 11:26 AM | Report abuse

You know, the "star power" of Obama is really (to quote him) "Words, Just Words...". If he wins, it will not be due to his qualifications as a potential world leader, it will be due to a high-powered marketing machine that has presented the image the public wants to see. Please let us all truly vet this candidate and see who and what he really is...

Posted by: greg | August 15, 2008 11:25 AM | Report abuse

It would be nice if you would report that some of that money came from the owner of a gay cruising site, and that the donor was forced to resign. Ofcourse that could make McCain look bad. So far being it for the McBase to report it.

Posted by: Julian | August 15, 2008 11:08 AM | Report abuse

Amazing turnaround for the McCain fundraising apparatus between the primary and general. But he's still at a huge disadvantage up against Obama's machine.

Posted by: matt | August 15, 2008 10:59 AM | Report abuse

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