All of the nonbillionaire Democratic presidential candidates except Bernie Sanders are facing a cash crunch after blowing through their war chests in the month of January.
Businessman Tom Steyer and former New York City Mayor Michael Bloomberg are bankrolling their own bids, and the Vermont senator’s massive small-donor base is keeping him with far more cash than his rivals — $16.8 million at the end of the month despite spending slightly more than the $25.1 million he raised.
Meanwhile, some campaigns are scrambling to avoid suffocating like fish in shallow water at a critical time before the Super Tuesday primaries on March 3.
Massachusetts Sen. Elizabeth Warren and Former South Bend, Indiana, Mayor Pete Buttigieg each spent more than twice as much as they raised during the month of January. Warren gained $10.4 million in donations and took out a $400,000 loan while blowing through $22.4 million. Buttigieg brought in $6.2 million and spent $14 million.
At the end of the month, Buttigieg was left with $6.6 million, and Warren had just $2.3 million.
Former Vice President Joe Biden spent slightly more than he brought in during January, receiving $8.9 million in donations and spending $10.6 million, leaving him with $7.1 million in his war chest.
Sen. Amy Klobuchar of Minnesota runs a scrappy campaign but saw an influx of cash as she gained momentum earlier this year after a surprising third-place finish in New Hampshire. She raised $5.5 million in January, outpacing her $11.4 million fourth-quarter 2019 haul, but spent $7.6 million, leaving her with $2.9 million on Jan. 31.
Biden’s disastrous fourth- and fifth-place finishes in Iowa and New Hampshire are compounding his fundraising struggles, with many donors jumping ship.
Buttigieg essentially tied Sanders in Iowa and placed second in New Hampshire, but he didn’t receive a traditional boost in momentum following the contests — partially due to muddled Iowa caucus results and delays.
His campaign said on Thursday that it raised $11 million so far in February and set a $13 million fundraising goal by Super Tuesday — the equivalent of more than $1 million per day. A fundraising email warned supporters that Bloomberg is “throwing colossal sums of money on television instead of doing the work of campaigning,” and that $13 million is needed “in order to stay competitive.”
While Warren had disappointing showings in Iowa and New Hampshire, she saw a surge in donations following Wednesday’s Democratic presidential debate, where she ripped into Bloomberg for refusing to release women who accused him or his company of sexual harassment or gender discrimination from nondisclosure agreements. The campaign said that it brought in over $5 million in one day.
But Warren’s situation is dire enough that she reversed her long anti-super PAC stance to accept help from a newly formed super PAC that is running ads in support of her candidacy.
A pro-Klobuchar super PAC also formed earlier this month. Campaigns cannot legally accept money from or coordinate with super PACs, but their failure to disavow super PAC support represents a stark change in attitudes as they face an expensive Super Tuesday sprint.
