Inside The Elephant Money Race

As S.C. Republicans move towards a high-profile gubernatorial primary race in June of 2010, they are already raising – and shelling out – some serious cash.

But where’s it coming from?  And who’s doing the best job of saving it for the critical home stretch?

The clear money leader in the GOP race is U.S. Rep. Gresham Barrett, who has effectively tapped into a network of Washington special interests to help boost his fund-raising totals.

Barrett has raised a total of $1.6 million since announcing his candidacy eight months ago – including an impressive $544,000 during the most recent reporting period.  Much of that money came from political action committees (PACs) with Washington, D.C. addresses, however, which could open him to criticism.

Barrett currently has $1.3 million on hand after spending roughly $334,000 – the most of any candidate in either party.  That means his campaign is spending over $40,000 a month – a “burn rate” of about 20%.

S.C. Attorney General Henry McMaster, the presumed Republican front-runner, has raised $1.1 million since formally entering the race in August, although more than $800,000 of that total comes from contributions transferred from his Attorney General’s account.  Huge chunks of McMaster’s haul, not surprisingly, comes from attorneys – a fact that has already caused his campaign headaches.

McMaster has also already spent nearly $89,000 on his bid, which would be the fastest “burn rate” of all the candidates if it continues.

S.C. Lt. Gov. Andre Bauer, the only Republican candidate who hasn’t formally announced his entry into the gubernatorial race, raised roughly $262,000 in the recent quarter to bring his fund-raising total to $825,000.  All of that money is in Bauer’s Lieutenant Governor’s account, however, which means he would need permission to have it transferred to a gubernatorial account.

Bauer spent $63,000 over the past three months, a much lower “burn rate” than either Barrett or McMaster.

The most disappointing totals in the GOP race (by far) were posted by S.C. Rep. Nikki Haley, who has obviously been hurt in the fund-raising department by S.C. Gov. Mark Sanford – once seen as a major money draw.  Sanford had been aggressively promoting Haley’s candidacy prior to his shocking fall from grace this summer, an event that seems to have sucked the life out of her campaign.

Haley raised a paltry $147,000 during the latest quarter, bringing her fund-raising total to $359,000.

Of that, Haley has spent nearly $85,000 – or nearly a quarter of what she’s brought in.

State Senator Larry Grooms reported raising $333,000, but $260,000 of that total came in the form of a loan to his campaign.

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