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- iHaveNet.com: Politics
by Kent Garber
Linda McMahon and Carly Fiorina have spent millions on their campaigns
Hillary Clinton loaned herself about $13 million during her presidential bid in 2008. Mitt Romney spent at least $35 million of his own money on his bid. Michael Bloomberg, the mayor of New York City, a notorious self-financer, spent more than $85 million out of his own pocket on his successful run for a third term.
Self-spending has become a big part of recent campaigns, and this year's congressional midterms will continue the trend,
according to recent campaign filings with the
It's highly unlikely that anyone will come close to challenging Bloomberg's record for personal campaign spending. But like Bloomberg, some of the candidates vying for office in this cycle made big fortunes in business, and they're already showing that they're not afraid to drop money early.
Leading the pack is Linda McMahon, the former CEO of
According to the most recent filings with the FEC, McMahon had loaned her campaign $14 million as of March 31. Her net worth is estimated to be at least $500 million. (McMahon, in fact, is being challenged on the Republican side by Peter Schiff, a Connecticut businessman and brokerage firm owner, who, according to FEC filings, has loaned himself $550,000 -- a small amount compared to McMahon, but significant nonetheless.)
Another big spender is Carly Fiorina, the former CEO of
Hewlett-Packard.
Fiorina is running as a Republican in California against Democratic incumbent
Sen. Barbara Boxer. Through March, Fiorina had loaned herself $2.5 million. Many of these figures are expected to grow in the next few months as the campaigning intensifies. Last year, McMahon told the
press that she'd be willing to spend upward of $30 million to win the Connecticut seat. According to
reports, she's built a formidable ground campaign and has been buying up TV ads across the state. Fiorina, on the other hand, may be trying to limit her personal investment to the loan she's already made. In a press
conference last year, she told reporters that she didn't "have millions of dollars to loan to the campaign." She clearly
found $2.5 million. But unlike McMahon, she's been actively fundraising. According to FEC reports, Fiorina raised $1.7 million
in the first quarter of the year, bringing her net fundraising total to $5.3 million (including the loan). The extra money allows candidates to buy more ads and raise their profiles. But history shows that self-financed campaigns
have a mixed record, especially when challengers are against deep-pocketed incumbents.
In 2006, businessman Ned Lamont defeated then Democratic Sen. Joe Lieberman
in the Democratic primary but ultimately lost to him in the general election, after Lieberman switched parties and ran as an independent. Lamont is estimated to have spent more than $12 million of his own money on the race And, of course, neither Clinton nor Romney won their party's nomination. Boxer, preparing for her fight with Fiorina, raised $2.4 million in the first quarter and now has $8.4 million in the bank,
according to the FEC and campaign reports. That means Fiorina may find herself reaching into her personal bank account as
November approaches if her fundraising can't keep up. As for McMahon, the latest Available at Amazon.com:
After the Hangover: The Conservatives' Road to Recovery
The Virtues of Mendacity: On Lying in Politics
Bush on the Home Front: Domestic Policy Triumphs and Setbacks
The Political Fix: Changing the Game of American Democracy, from the Grassroots to the White House
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