CAMPAIGN ’88 : Democrats Cashing In
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Whatever problems the Democratic presidential campaign may be having, money seems not to be one of them.
A series of successful fund-raisers, including a $4-million event in Los Angeles last week and a $5-million party in New York on Thursday have now brought the party’s total take since the end of the primary season to roughly $30 million. Robert Farmer, the Democrats’ money chief, has set a goal of $50 million raised by election time.
By contrast, Walter F. Mondale’s campaign four years ago raised about $6 million.
Under federal election law, the Democratic and Republican nominees for President are each given $46.1 million to conduct their general election campaigns. They are not allowed to raise or spend additional money.
But the Democratic and Republican parties, through a loophole in the law, are allowed to raise additional, virtually unlimited funds that can be spent by state parties in support of the ticket. Although that practice has been challenged in court, the Federal Election Commission has approved it and seems unlikely to change its mind prior to the election.
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