December 9, 2008 - 09:36
News: Kentucky

Loans, self-financing, and Streisand: The last month of fundraising in the 2008 Senate race

While U.S. Sen. Mitch McConnell (R-Louisville) ultimately secured a fifth term by beating millionaire businessman Bruce Lunsford by six points, the race unexpectedly drew national attention and - as fundraising data from the last month of the campaign shows - money from high-profile national backers in both parties.

Though final FEC reports are not yet available online for McConnell or Lunsford, Politico reports the Republican incumbent spent a total of over $19 million during the election cycle. On the release of third quarter reports from 2008, Lunsford had collected a total of $7.1 million in funds, though $5.4 million of that was from his own pocket. McConnell had raised a total of over $17.8 million at that time.

Those third quarter reports, however, do not account for October, the final month of fundraising. Other available FEC filings show both candidates got last-minute help from big-name donors. Lunsford injected almost $3.5 million more of his own cash into the race in the final weeks and McConnell went in to debt to raise further funds.

It was reported this weekend by Politico that McConnell's campaign was bolstered by a few late loans worth $1.8 million. McConnell obtained a $1.2 million loan on Oct. 22, just 13 days away from the general election. On Oct. 23, another $600,000 was secured by the Republican's campaign.

The first loan came on the very day a Lexington Herald-Leader poll was released that showed the Senate minority leader four points ahead of Lunsford. From the end of September to just before the general election, the Kentucky Senate race made national news as Lunsford closed the gap against McConnell - the Senate minority leader - amid increasing national concern about the faltering economy.

Lunsford put $450,000 of his own money into his campaign coffers during the first half of October, according to FEC pre-General election reports accounting for finances from Oct. to Oct. 15. Still, Lunsford's camp reported just over $165, 800 on hand as of Oct. 15.

Subsequent filings by the Lunsford camp show the Democrat then made three more $1,000,000 contributions to his effort, on Oct. 16, Oct. 23, and Oct. 29.

The $3.45 million in additional self-financing visible in those reports put Lunsford up to $8.85 million in total self-financing throughout the election.

A slew of donations in the final weeks of the campaign also came in as national Democrats hoped a Lunsford win could give Democrats a filibuster-proof majority in the upper chamber.

Among those donors who pop up on Lunsford's 48-Hour FEC reports - which show contributions of over $1,000 or more during the last 20 days of a campaign - are some recognizable names and groups.

Lunsford collected a $1,000 check from actress and singer Barbara Streisand just 16 days away from election, while other big contributions rolled in from Democrats such as former Senate candidate Harold Ford, Jr. (D-Tenn.) Virginia Senator-elect Mark Warner, and U.S. Sen. Hillary Clinton's (D-N.Y.) HillPAC.

McConnell also rallied some last minute support from National Republicans. Former U.S. Sen. Majority Leader Bill Frist's (R-Tenn) Volunteer PAC sent $5,000 McConnell's way while the Republican National Committee directly contributed over $30,000 in the final 20 days of the race.

Republican activist and former Presidential candidate Gary Bauer's Campaign for Working Families group also contributed $5,000 to McConnell while James Dobson's Family Research Council contributed $2,000.

Total fundraising figures will be available on PolitickerKY.com when released by the Federal Election Commission.

Trey Pollard is a PolitickerKY.com Reporter and can be reached via email at noreply@politicker.com.

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