A revived John McCain arrives with wins -- and money

The satirical newspaper The Onion recently headlined a timely political story: "Depressed candidate runs attack ad about himself." Well, that's not Sen. John McCain now, who arrives in Los Angeles today fresh from his primary victories in New Hampshire, South Carolina and Florida.

McCain is here for tonight's Republican presidential debate at the Reagan Library co-sponsored by The Times and streamed-live on this website.

But not only are McCain's political fortunes rejuvenated after a summer when he seemed near political death and flew alone back in the economy section of commercial flights.

His fortune's fortunes are rejuvenated as well. Aides say the McCain campaign has collected millions in donations as his wins have accumulated. Everybody likes a winner. This is actually not unusual. One source from the Barack Obama campaign told The Times campaign finance expert Dan Morain that the Illinois senator raised $500,000 in the first hour after the South Carolina polls closed for the Democratic primary last Saturday when Obama won an overwhelming 2:1 victory over Hillary Clinton.

Meanwhile, Mitt Romney continues to pour considerable amounts of his considerable fortune into his campaign. Even after losing Florida on Tuesday to McCain, Romney could joke to hundreds of St. Petersburg supporters, while The Times Seema Mehta looked on: "All you guys are family. Don't expect to be part of the inheritance," he continued to laughter. "I'm not sure there's going to be much left after this."

McCain raised $37 million during all of calendar 2007, placing him a distant third among Republican candidates behind Rudy Giuliani in second and Romney, the top GOP money-getter and self-donor.

And at the end of the year, according to papers he's just filed with the Federal Election Commission, McCain had a debt of $4.5 million. Because he is taking matching federal funds, but they had yet to be disbursed, McCain's camp had to take out a nearly $3 million loan at about 8.5% interest in order to stay afloat, according to Morain.

--Andrew Malcolm

Photo: Daniel Barry / Bloomberg News

Comments

[Roger]

McCain For President!!
Do you want to see how clear his message is?
Do you want to learn how much of a straight talk is he?
Do you want to learn how much Honesty this man has to share with everyone?
Then watch this video and learn..

http://www.youtube.com/watch?v=ioy90nF2anI

McCain For PRESIDENT!!!

[Mike]

Of course he had $4.5M in debt, $2.9M cash on hand, and the result is $1.6M in the hole (rounded). So how can he be expected to balance the federal budget when he can't even balance his campaign books?

[Dick Viti]

What a pathetic presentation by CNN and the LA Times. Neither understands how to organize a debate - or for that matter, what the rules of debate are. Good luck America if you rely on on these sources for information.

[M]

God Speed John! America loves you!

[Diane Thompson]

My choice is Mitt Romney, since he is a man "for the Americans" could you consider a ticket of McCain/Romney? I believe we need a fresh face, a person who would be able to pull in the votes. I am so concerned, I will and may vote for Obama and I have always voted Republican! I am reading everything I can about the next choice and if Huckabee/Romney would be a team, yes, my vote for sure. The President of The United States should be a man we all respect, not someone with a past of mistakes. Clinton, McCain, Giuliani, all are the type of people I have a hard time seeing as Commander in Chief. We need a real frest start with a person who has earned respect from us and we can trust to lead us in the right direction. I am so worried about what is going on, what does this say to our children and grandchildren? Please, get a fresh face, a new leader and I for one will be able to feel we can put America on the path of what is good and right in this world.