McCain rakes in $27 million in July

Republican presidential candidate John McCain raised $27 million in July, the Arizona senator’s campaign announced Friday.

“Our fundraising continues to be very healthy,” McCain campaign manager Rick Davis said during a conference call. “We will start the general election fully flush with all the cash we need.”

{mosads}McCain’s campaign came into August with $21.4 million in cash on hand, nearly $14 million less than it entered July with, indicating that the campaign’s burn rate exceeds the pace at which it is raising funds. However, McCain has to spend his primary funds before accepting the nomination.

Davis said he is not concerned about the burn rate, calling the campaign’s total “plenty” to engage in a “very active campaign in the month of August.” He said he expects the Republican National Committee (RNC) to report $26 million in fundraising for the month, giving the campaign access to over $75 million in committee funds.

The McCain campaign has received money from about 600,000 donors for the cycle, and the RNC announced Friday that 1 million people have given to the GOP.

Democratic presidential candidate Barack Obama passed 2 million donors on Thursday. Obama has not yet announced his July fundraising figures. He raised $51.8 million in June, ending the month with nearly $72 million in cash on hand.  

But while the Illinois senator’s fundraising figures have outpaced McCain’s throughout the campaign, August will be the last month the GOP presidential candidate will have to go head-to-head with Obama.

After accepting his party’s nomination at the Republican convention in St. Paul, Minn., McCain will accept $84 million in public funds. Obama has chosen to forgo public funding and the restrictions that come with it.

“We will have access to over $100 million the first week of September,” Davis said, “so we feel very confident that we're in a very good position.”