Obama, McCain helping parties draw funds

By: Associated Press Email
By: Associated Press Email

Washington (AP) Both Barack Obama and John McCain have been busy raising money -- for themselves and their respective parties.

Over the weekend, a McCain event at the estate of billionaire Ronald Perelman raised money for several funds: the McCain campaign, his joint victory fund with the Republican National Committee, and various state parties.

The fund-raising can translate into a significant boost for the Republican campaign. Though McCain will face spending limits when he accepts public money in the fall, the GOP can raise and spend as much as it wants to help him. Together, McCain and the RNC began July with $96 million in the bank.

Since clinching the nomination, Obama has also given a boost to Democratic National Committee fund-raising. Obama and the DNC kicked off July with 92 million dollars on hand.

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