DNC memo: McCain’s campaign ‘bleeds red ink’

A Democratic National Committee (DNC) memo on Monday said Republican presidential candidate Sen. John McCain (Ariz.) is spending more money than his campaign takes in, and raises the question of a “budget crunch.”

“The McCain campaign’s balance sheet is starting to bleed red ink and look like it did last summer,” according to the memo, which said that the GOP campaign spent nearly $5 million more than it raised.

{mosads}The memo, from DNC research director Mike Gehrke, said McCain’s burn rate — the term used to describe how much a campaign spends compared to what it takes in — has doubled in June from the previous two months.

It now stands at 122 percent, the DNC stated, noting that “the prior record was 113 percent last July, when the campaign was on the verge of collapse.”

The memo also takes a swipe at McCain for relying on credit cards, saying that the campaign reflects the candidate’s “love for AmEx debt.”

Last month, Senate financial disclosure forms showed that the McCains had a six-figure credit card balance.

The memo raises the question of a “budget crunch,” arguing that McCain’s presidential Federal Election Commission filings for June show no expenditures for “polling.”

The McCain campaign did not immediately respond to a request for comment.

“We’ll pass on taking advice from the DNC, which hasn’t exactly set the gold standard on fundraising,” said Republican National Committee spokeswoman Amber Wilkerson. “Unlike Barack Obama, John McCain kept his word to accept public financing, so the campaign will spend primary money prior to the convention.”