Barack Obama is the New Hotness

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Or so say the first quarter fundraising reports, at least. Not only did he report over 66% more individual donors than Senator Hillary Clinton, he actually managed to convince a fair number of ex-Clinton loyalists to drop some coin in his bucket instead of hers.
Among the biggest fund-raisers for Mr. Obama’s campaign are as many as a half-dozen former guests of the Clinton White House. At least two are close enough to the Clintons to have slept in the Lincoln bedroom.

At minimum, a dozen were major fund-raisers for President Bill Clinton. At least four worked in the administration and one, James Rubin, is a son of a former Clinton Treasury Secretary, Robert E. Rubin. About two dozen of the top Obama fund-raisers have contributed to Mrs. Clinton’s Senate campaigns or political action committee, some as recently as a few months ago.

A list of Mr. Obama’s top fund-raisers released Sunday showed the extent to which the Democratic Party establishment, once presumed to back Mrs. Clinton, has become more fragmented and drifted into her rival’s camp, lending the early stages of the Democratic primary campaign the feeling of a family feud. Some of the movement would have been inevitable given Mr. Clinton’s former dominance of the party.
Oh snap! Those two-timing S.O.B’s!

The numbers detailing Obama’s surprising showing don’t end there.
The first quarter financial reports, which were due at midnight Sunday, offer a glimpse into an aspect of the 2008 presidential election that sets it apart. All of the leading candidates have chosen to forgo public campaign financing in order to raise and spend private donations without any limits. Several have raised more than three times as much as any candidate did during the same period before the last election.

The leading Republicans filed their reports Friday and Saturday. Mrs. Clinton and Mr. Obama were the two top fund-raisers in either party. Mrs. Clinton raised $19.1 million for the primary, and $6.9 million for use in the general election (accessible only if she wins the nomination).

Mr. Obama raised $24.8 million for the primary and $1 million for the general election.
So, to sum up: Senator Obama had 40,000 more donors donating almost $6 million more than Senator Clinton for the first quarter of 2007 in fundraising for next year’s presidential Primary. He also out-earned her $6.9 million to $4.2 million in internet donations. That’s a pretty thorough butt-kicking… sort of.

The caveat to all of those numbers is that Clinton still has by far the biggest war chest with over $30 million in available funds. Obama is second with $19 million (Mitt Romney and Rudy Giuliani are distant runners-up with around $11 million each. Actually outside of Romney’s impressive $20 million haul, the Republicans got their asses handed to them, but that’s another story.) It is conceivable that some of Clinton’s former donors decided to give to Obama because they felt she didn’t need the money and Obama did. I suppose some might have considered it a way to even the playing field.

As a Democratic voter myself, I am both surprised at the fundraising strength of Senator Obama and a bit wary of the bitter political battle that could erupt between he and Senator Clinton. If the Republicans get their shit together and stand united behind a candidate, the big money GOP donors will follow. Especially if a tussle at the Democratic top leaves blood in the water for the sharks to smell.

The question then, is whether this dual-barreled Democratic fundraising monster is actually good for the Democratic party. If you’re just looking at pure numbers, Clinton and Obama seem like the strongest candidates (yes, I’m aware that McCain and Giuliani tend to beat Clinton and Obama in head-to-head polls, but such polls this far out are notoriously unreliable not to mention that the gap between them is shrinking rapidly,) but if the Big Blue Two are forced to unleash their arsenal on each other, will the damage be too much to overcome in the general election for whoever is left standing? Moreover, for all their differences a McCain-Giuliani superticket is not entirely out of the question. Can we say the same for a Clinton-Obama slate? I don’t know, but for some reason it feels less likely.

Of course, we’re a long way off. But if fundraising numbers are any indication (and they usually are), Barack Obama is going to be in the thick of this thing for quite a while. Full records of all the candidates’ financial statements can be found here.

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