McCain finances rejuvenated as party nomination inevitable

REPUBLICAN Senator John McCain raised nearly $12 million (€8m) in January, propelled by victories in New Hampshire and South Carolina, solidifying his place as the leading candidate for his party’s presidential nomination.

According to filings with the Federal Election Commission, McCain had $5.2m cash on hand at the start of February and $5.5m in debts, including a loan of nearly $4m.

The month marked a turnaround for the Arizona senator, whose presidential campaign had once been considered all but dead. His fundraising also sealed his decision not to accept public financing during the primary.

Buttressed by a loan and a strategy that focused all of his efforts on New Hampshire, McCain fended off a better financed Mitt Romney and established himself as the frontrunner in the Republican contest.

He won the Wisconsin and Washington state primaries on Tuesday, continuing a remarkable comeback that has made him the symbol of political resurrection.

He is within reach of the delegates needed to secure the nomination.

January proved a crucial month for McCain. He won contests in New Hampshire and South Carolina and then established himself as the frontrunner with a victory in Florida.

His only remaining rival is former Arkansas Governor Mike Huckabee.

McCain’s January finances represented the best single month of fundraising yet. But his report also showed that he entered the month with trepidation, borrowing $950,000 in the first week of January in addition to the $2.9m he had borrowed in December.

The loan improved McCain’s cash on hand, allowing him to buy advertising time in New Hampshire to fend off an aggressive run by Romney.

McCain had applied for public financing for the primary, but withdrew the request month.

Though he did not secure his loan with the public money, loan records show that the bank, Fidelity Trust & Bank, had insisted that if McCain lost early primaries, he would have been required to participate in the federally financed system. He was entitled to at least $5.8m in public funds.

By accepting the money, however, McCain would have been required to limit his spending for the primary to about $54m — an amount the campaign is close to surpassing.