STOCKTON — From the San Joaquin Valley to Wall Street, John McCain has been headlining a series of high-dollar Republican fundraisers, including one at a billionaire's gated home here that asked couples to make donations of $86,200.
The events combine fundraisers for McCain's presidential campaign with those for the national and state GOP. They will help ensure that the longtime advocate for campaign finance restrictions will have the money to compete in the presidential election, even as some say the events call into question his credentials as a reformer.
McCain lags both Democrats in the race for cash. Front-runner Barack Obama seemingly prints money, raising three times more than McCain. He and Hillary Rodham Clinton have raised $480 million between them -- five times as much as McCain's $90.5 million.
But McCain is not without a financial savior: the Republican National Committee.
The Arizona senator, as the presumed nominee, now controls it. And, while McCain can raise only $2,300 per donor for the November election, the national party can raise $28,500 per donor -- a limit set by the campaign finance reform that McCain championed. Donors can also give up to $10,000 to the California party's federal political action committee and an additional $2,300 to a separate compliance account, used to hire lawyers and accountants to make sure the candidate is complying with federal law.
By the end of April, McCain and the Republican National Committee had $62 million in the bank-- $10 million more than Obama and the Democratic National Committee.
"Our fundraising is increasing," McCain said in Stockton, where he held his third fundraiser in a 24-hour period last week at the home of developer Alex Spanos, owner of the San Diego Chargers.
For a single $2,300 donation to McCain, donors received a lapel pin. But the invitation made clear McCain wanted couples to arrive with checks for as much as $86,200. At other fundraisers, couples have been encouraged to give $140,000 or more.
McCain returns to Los Angeles this week for a fundraiser expected to raise more than $5 million for his campaign and the Republican Party. It will be at the home of RNC finance committee chairman Elliott Broidy, a venture capitalist who invests heavily in Israel. Gov. Arnold Schwarzenegger and Nancy Reagan are expected to attend.
