The campaigns of Mitt Romney and Rudy Giulani announced their second-quarter fundraising numbers -- and neither of them set the world on fire. Rudy raised as much in three months as he did in the previous two, and Romney dropped off his Q1 numbers by a third:
Republican Rudy Giuliani's presidential campaign reported an estimated $15 million in primary election contributions from April through June and Mitt Romney trailed closely behind with $14 million raised. ...
Overall, Giuliani saw an increase in his fundraising over the first quarter, when he reported nearly $16 million in contributions. About $1 million of that sum was for the general election.
Romney's fundraising fell short of his first quarter, when he raised $20.6 million and lent himself $2.35 million. All of Romney's money is for the primary election.
The Romney camp reported $12 million cash on hand, equal to the amount he had in the bank at the end of the first quarter. Aides said the campaign also boosted its number of donors from 32,000 in the first quarter to 80,000 for the first six months of the year.
Rudy's increase only comes to about a million or so over his Q1 numbers, but most people will recall that Giuliani only had two months of fundraising in that quarter. This time, he had all three months and only netted a million more in primary money. That's still better news than Romney got for his organizational efforts. Despite riding high in the Iowa and New Hampshire polls, Romney took in about a little under 33% less in Q2, and Romney has had to loan himself an additional $6 million to keep his financing edge.
Consider, then, the stories over the last two days about the McCain campaign's woes. He dropped about $2 million from his Q1 numbers. He only trailed Romney by less than $3 million in Q2 despite taking a beating over immigration, and Rudy by $4 million in primary funds. His campaign may need a lot of work and probably remains Quixotic at best, but in comparison, his performance doesn't appear as bad as it looked yesterday.
What's happening with Republican fundraising? The Democratic frontrunners both increased their take over their terrific Q1 totals. Have Republicans punished the entire field over immigration? Or are GOP donors holding their breath for Fred Thompson, who is expected to announce later this month? If it isn't one of those two explanations, it may be that the GOP isn't generating a lot of enthusiasm -- and that could mean big trouble for the Republicans regardless of who they nominate.