Fundraising figures from Giuliani and Romney this afternoon are both a bit padded. The Romney campaign is talking about $20.5 million in the last quarter, but $6.5 million of that came as a loan from Romney himself, so it’s really $14 million. Meanwhile the Giuliani team is heralding $17 million, but (according to Jonathan Martin) $2 million of that is in general election money and can’t be spent on the primaries (while all of Romney’s $14 million is primary money.) The same goes for cash on hand. Giuliani reported $18 million to Romney’s $12 million, but $3 million of the Giuliani sum is general election money, so he really has about $15 million to spend. The McCain campaign, by contrast, has just $2 million on hand.
The cash-on-hand situation really tells us why Romney felt the need to pump such a significant loan from his own pocket into the campaign. With that loan, the campaign’s coffers contain almost exactly what they did at the end of the previous quarter in terms of cash-on-hand. Without it, his campaign would have looked to be spending significantly more than it was taking in (which it is, due in large measure to television ads that are airing where early voters are, but not where donors are).
Overall, the GOP funding figures paint a picture of a strong Giuliani campaign, and a decent but not great Romney effort, which is burning through money at a breakneck pace. McCain, though, looks like toast.