Inside The Donkey Money Race

We’ve examined the fundraising totals for the various Republicans running for governor in 2010, but what of the Democrats?

GOP candidates Gresham Barrett ($1.3 million), Henry McMaster ($1 million) and Andre Bauer ($825,000) all have significant “cash on hand” – which, as the term implies, is money currently sitting in their bank accounts that can be used for campaign purposes.

Bauer will have to transfer his cash from a Lt. Governor’s account when he ultimately announces, but that’s not expected to

Can the Democrats compete with any of the GOP’s “Big Three?”

Not yet.

According to the most recent fundraising reports filed over the weekend, the early Democratic front runner – State Sen. Vincent Sheheen – has raised a total of $736,000.  He’s also spent over $108,000, leaving him with around $627,000 on hand.

His closest competition?

Charleston attorney Mullins McLeod, who has roughly $319,000 on hand after raising $379,000 and spending $60,000.

McLeod’s total does include a $100,000 loan – making him one of three Democrats to donate cash to their own cause.

The big Democratic fundraising disappointment?  Liberal lobbyist Dwight Drake, who has only $230,000 on hand after raising $300,000 (including a $50,000 loan) and spending almost $70,000.  That’s a ridiculously high “burn rate” for a candidate who’s only been accumulating campaign expenses for a little over a month.

Also falling well short of expectations on the Democratic side is State Superintendent of Education Jim Rex, whose three years at the helm of the State Department of Education have been an unqualified disaster.

Rex raised just $81,000 on his first report and spent nearly half of that – leaving him with only $44,000 on hand.

Speaking of these anemic fundraising totals, we’re in the process of chasing down a major story on Rex that we hope to bring you the scoop on very soon …

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