Kerry Leads Democrats for President
Sat Feb 9, 2:46 PM ET
By WILL LESTER, Associated Press Writer
WASHINGTON - Massachusetts Sen. John Kerry was the most prolific fund-raiser last year among Democrats with an eye on the White House in 2004, but others are set to pick up the pace.
Other prominent Democrats ; including Al Gore ; are joining the fund-raising contest this year as they begin the first measurable competition of the presidential race.
Kerry, who is actively exploring a presidential bid, raised $3.8 million for his Senate campaign committee in 2001 and had $2.9 million in the bank by year's end.
He raised $1 million through two big events: a concert with Don Henley, James Taylor and Carole King and a Wall Street fund-raiser hosted by former Treasury Secretary Robert Rubin.
Kerry also started a political action committee, the Citizen Soldier Fund, late in the year to help pay for his political travels and aid to other candidates.
Kerry's ambitious efforts are fueled by his Senate re-election bid in 2002, though he faces no strong opposition at this point.
Other leading Democrats ; such as Senate Majority Leader Tom Daschle of South Dakota, Sen. Joe Lieberman of Connecticut and House Democratic leader Dick Gephardt of Missouri ; have been actively working the money circuit. Former Vice President Gore, the presidential candidate in 2000, and North Carolina Sen. John Edwards are stepping up efforts in the new year.
"This has been called the first primary," said Larry Makinson, a senior fellow at the Center for Responsive Politics. "If you haven't raised enough money, you won't be taken seriously."
Potential candidates will have to be at the top of their fund-raising game by 2003 because that's a key year to be positioned for the home stretch, Makinson said.
The Democrats most frequently mentioned in the 2004 presidential sweepstakes have started political action committees ; called leadership PACs ; that allow them to raise money at a faster clip and alert donors that money will be used for a broader purpose than the candidate's re-election.
"You need an ability to pay for your travel and develop a nationwide system of supporters," said Dwight Morris, an analyst of money in politics. "It's a lot cleaner and easier to do with a political action committee."
Individual donors can give political action committees $10,000 per year ; $5,000 for the primary and $5,000 for the general election. That's five times as much as they can give a candidate's personal campaign committee.
Some politicians set up a soft money account within that PAC which lets them take larger amounts of money from individuals, corporations and unions, but that money has additional restrictions on its use.
Such PACs were initially used by the party's leadership, but have grown increasingly popular in the last five years.
Daschle had $1.6 million in his PAC at year's end and $880,000 in his Senate campaign fund. Gephardt brought in more than $850,000 for his PAC during the year, but spent much of it during the year aiding other Democrats. He had $1.1 million in the bank in his House campaign fund at the end of the year.
Both also spent plenty of time raising money for the Democratic Senate and House campaign committees.
In the last four months, Gore collected $385,000 for his new PAC ; Leadership '02 ; without holding fund-raisers. He spent more than half of that for his institute to train young political activists and had about $40,000 left at year's end.
Edwards started his PAC in August and collected just over $730,000 through the end of the year, though he has spent little of it. He also has $1.3 million in the bank for his Senate campaign committee.
Lieberman was busy raising money for his PAC ; called ROCPAC ; in 2001, bringing in $1.24 million and dispensing almost $200,000 to congressional candidates around the country. He has almost $580,000 in his PAC now and $766,000 for his own campaign committee.
Others mentioned as presidential hopefuls have been putting away money, including Delaware Sen. Joe Biden, who had $2.2 million in the bank at year's end, and Connecticut Sen. Chris Dodd, who has just over $1 million in the bank.
None has kept pace with Kerry in raising money, however, with his $3.8 million raised last year and $2.9 million in the bank. Money in his Senate campaign account can be rolled over into a presidential account if he doesn't spend it. Candidates cannot roll PAC money over into a presidential account.
The money Kerry raises is a safeguard against a Senate challenge, aides say.
"He's a very strong fund-raiser," said spokesman David Wade, "whose skills have been proven as he's cultivated one of the strongest, most diverse bases of loyal financial supporters in the country."
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