Budd Tries – And Fails – to Hide Another Disastrous Fundraising Performance

Budd campaign debts are higher than the net increase in cash this quarter

Charlotte – Earlier this week, former NC Governor and US Senate Candidate Pat McCrory announced that his campaign raised over $1 million for the second straight quarter.  But Washington insider Congressman Budd’s campaign never announced his number, opting instead to try to hide it in the FEC filings on Friday evening and a misleading press release that at least one journalist called “odd.”  Once the filing became public, it became obvious why they tried so hard to hide it:

  • The Budd campaign spent $750,000 this quarter, an extraordinarily high burn-rate for a Senate campaign at this stage;
  • Ted Budd himself loaned the campaign another $25,000 on the last day of the quarter, in order to show that the campaign “raised” over a million dollars;
  • The Budd campaign now has a total of $275,000 in loans owed back to the candidate against its cash-on-hand;
  • The Budd campaign only netted approximately $250,000 this quarter, which is less than its debt obligations, which grew by $25,000 to a total of $275,000.
  • It is apparent that much of the expenses were fundraising-related, demonstrating that the campaign is struggling to convince North Carolinians to invest and instead relying on paid online efforts from special interests outside of the state.

“With every fundraising quarter that passes, it becomes more and more apparent that we are the only candidate in this race who has convinced North Carolinians to invest in our campaign,” McCrory said.  “Congressman Budd may be bought and paid for by one Washington special interest group, but my vote isn’t for sale.  It’s now more clear than ever that we are the only candidate in this race who’s built a career outside of Washington, who has the vast support of North Carolina Republicans, and who has a proven track record of conservative results.”