WASHINGTON (AP) - Sen. John McCain reduced his spending and paid off debts in March after locking up the Republican presidential nomination. He ended the month with $11.6 million in the bank, according to financial reports filed Sunday.
The Arizona senator raised $15.2 million in March, his best fundraising performance of the campaign. His finances still significantly trail Barack Obama and Hillary Rodham Clinton, the two Democrats in the race.
Presidential candidates have until midnight Sunday to submit their March reports. Obama and Clinton aides say they would file later in the day.
Obama's campaign has said he raised $40 million in March, bringing his total so far in the campaign to about $234 million. Clinton aides say she raised $20 million for a total of more than $175 million during the entirety of the contest. McCain has raised about $75 million since he began running last year.
McCain in March refunded donors about $3 million in contributions, most of it money he had received for the general election. The refunds set the stage for McCain to accept about $84 million in public funds for the fall campaign. Candidates who accept public financing cannot raise money from donors for the general election campaign.
McCain's biggest expense of the month was $3 million to Fidelity & Trust Bank to finish paying off a $4 million loan that had become the focus of a stalemate between McCain and the FEC. Campaign finance regulators want to make sure McCain did not use the promise of public financing in the primary to secure the loan. McCain was eligible for public financing in the primary, but his lawyers said they did not use that eligibility as collateral.
In March, his operating expenses were $5 million, his smallest monthly expense so far this year.
March expenses ranged from $758,000 for air charters to $151.55 to a Los Angeles florist. The campaign reported a debt of $707,000, much of it outstanding American Express billings. McCain had his most fundraising success in California and Florida, each of which yielded more than $1 million.
As his party's presumed nominee, McCain is now working with the Republican National Committee to maximize his financial reach. He has expanded his stable of fundraisers and the national party has created a victory fund under the direction of McCain advisers to supplement his campaign money.
By setting up a joint fundraising committee with the national Republican Party, donors who contribute to the Victory Committee could give up to $30,800. Of that, $28,500 could go to the party and $2,300 to McCain, provided they had not donated to McCain before. Donors could also contribute about $40,000 that could be distributed to registration and turnout funds in Wisconsin, Minnesota, New Mexico and Colorado.
The national party money will be used to support McCain's campaign with phone banks, direct mail and even political ads.
