The second quarter US Senate financial disclosure summaries are now available and in almost all cases, the incumbents have prepared adequately for their re-election campaigns. Obviously, the size of the state dictates the money range needed to run a viable effort, so the benchmark cash on hand figures differ greatly. All in-cycle incumbents have more than $1.5 million in assets with the exception of Sen. Joe Manchin (D-WV), who possesses $1.279 million. Massachusetts Sen. Scott Brown (R) has the most money in the bank, $9.628 million. The next closest cash on hand figure is Sen. Bill Nelson’s (D-FL) $6.057 million.
The only incumbent with less cash on hand than a challenger is Sen. Dean Heller (R-NV). Rep. Shelley Berkley (D-NV-1) has $2.476 million in her campaign account versus Heller’s $2.272 million. The comparison is a bit unfair, however, because Heller is an appointed incumbent, replacing the resigned Sen. John Ensign (R). Therefore, his Senate incumbency is short-lived and should not be measured comparably to the other in-cycle full-term Senators.
The Senate incumbents having the strongest fundraising cycle to date are Scott Brown ($3.739 million), Bill Nelson ($3.695 million), and Democrat New Jersey Sen. Bob Menendez ($3.581 million). The strongest open seat/challenger fundraisers are Ohio state Treasurer Josh Mandel (R), who still has yet to announce his Senate candidacy, Connecticut Rep. Chris Murphy (D-CT-5), who is seeking retiring Sen. Joe Lieberman’s (I) open seat, and Rep. Denny Rehberg (R-MT-AL) challenging one-term Sen. Jon Tester (D-MT). Mandel raised $2.339 million, Murphy $2.012 million, and Rehberg $1.964 million.
The fundraising and resource components provide some idea as to how competitive some of the projected close races might become. Sen. Nelson, for example, continues to prove he is in solid shape by every measuring instrument. His $6.057 million cash on hand is more than seven times as great as his closest financial opponent, GOP former interim Sen. George LeMieux. Sen. Ben Nelson (D-NE), commonly viewed as the most vulnerable incumbent seeking re-election, raised only $111,000 more than Attorney General Jon Bruning, but leads his chief Republican opponent $2.916 million to $1.265 million in the cash on hand category.
The competitive race that is proving to be the closest, at least in resources, is the Nevada Senate race. There Rep. Berkley shows $2.476 million compared with Sen. Heller’s $2.272 million cash on hand. This race could turn out to be the most hotly contested in the country. Nevada is a tight swing state, both candidates are equally well-known, and they both possess the same quantity of campaign resources. With turnout expected to be high in the presidential election year, the final wave will likely decide this campaign. The same can be said for the Virginia Senate race. There, former Sen. George Allen (R) has raised $2.615 million with $1.649 million on hand. Tim Kaine, the former governor and Democratic National Committee chairman, has raised a similar, but smaller, $2.266 million but has slightly more in the bank, $1.875 million.
As we know, finance tells only part of any political story, but no one denies that the dollar count is a highly important factor of any campaign effort.
Below is a link to a PDF spreadsheet containing the relevant financial numbers for all 33 Senate races being contested in 2012. The only state not recording any figures is Wisconsin. Sen. Herb Kohl (D) is retiring, and no one has yet formally declared their candidacy for the open seat.
Candidate Financials: Senate Financial Disclosure – 2nd Qtr 2011
For further detailed insights, to sign up for my daily email updates, or to sign up to track specific issues or industries, please contact me at PRIsm@performanceandresults.com.