Mitt Romney handily took care of Newt Gingrich in Florida after a breakdown in South Carolina, and continued his stretch of wins in the Nevada and Maine caucuses, but it came with a cost.
The former Massachusetts governor’s campaign burned $18.7 million in the month of January according to FEC filings and raised $6.7 million. The Romney campaign also reported having only $7.7 million cash on-hand.
Huffington Post analyzed that Romney spent $397,000 more than what he took in during January, and at that rate, the campaign would have burned the remaining $7.7 million by February 19.
For a campaign that has roped in millions and has raised the most out of the 4 GOP candidates remaining, Romney seems content with spending countless amounts on television ads, online ads, direct mail, and more to stay atop the GOP race. He was placed on the ropes by former Speaker Newt Gingrich in South Carolina, who had his shining moment in the Palmetto State. The state has been known to pick candidates who went on to win the Republican nomination since 1980. Will that be the case this year?
Romney’s campaign might be low on money, but his super PAC, Restore Our Future, has backed the presidential candidate by spending millions on advertising as well. Romney has also proved that he is not afraid to pull money out of his own wallet to finance his campaign, much like he did back in his 2008 presidential run.
Despite his ability to finance the campaign with his personal wealth, it can’t go without saying that the Romney momentum has deflated a bit since his Florida victory, and heading into Super Tuesday on March 6, where 10 states will hold their primary/caucus, being low on money can prove detrimental to momentum.