Money seems to be the new mantra for Republicans Mitt Romney and Rudy Giuliani. As part of their aggressive campaigning, both presidential candidates have increased their spending substantially during the second quarter. Romney, who seems to be bigger player of the two, has lent $6.5 million to his campaign. While Rudy Giuliani has been spending 73 cents out of every dollar he has raised.
Rudy Giuliani, the former New York Mayor, is one of the first leading presidential candidates to file second quarter reports with the Federal Election Commission, along with Mitt Romney. According to the filed financial reports, Giuliani raised $17.5 million through donors and political action committees in the second quarter. Out of this, $2.6 million can be spent only if Giuliani succeeds in winning a Republican nomination.
While Romney invested a large chunk of the money on media advertisements, Giuliani’s major expense was his campaigning staff. Romney paid $6.6 million to National Media for promoting his campaign through television and radio advertisements that are being aired on national cable. Rudy Giuliani had to shell out $1.7 million towards payroll expenses and $850,000 towards payroll taxes. Another major expense for Giuliani was $1.9 million payment made to Olsen & Shuvalov towards marketing and promotional events. Apart from these, Giuliani had also spent $1 million on traveling. Most of his traveling was by a corporate jet that is owned by Elliot Asset Management.
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