Christie body-slams fundraising expectations, but where will the money go?
Garden State Gov. Chris Christie is on a fundraising tear.
The (Newark) Star-Ledger reports that his campaign has already raised more than $12.4 million, which begs a question: Since New Jersey state law limits what gubernatorial candidates who accept matching funds can spend to $12.2 million, why is he still out chasing campaign cash?
New Jersey is one of ten states that offers a system of public financing for gubernatorial candidates in an effort to limit the role of big money in politics. Any candidate who raises at least $380,000, and agrees to participate in public debates is eligible to receive two dollars of public money for every dollar they receive in private contributions.
Christie has benefited handsomely from the public money, largely because he unleashed an all-out fundraising blitz to defend his place in the governor's mansion from Democratic challenger Barbara Buono. Of course, being among the frontrunners for the 2016 potential Republican presidential nomination is a boon to any candidate's fundraising appeal.
Party Time records show that the governor has raised dough from New York to California, benefiting from appearances by major political players like Rudy Giuliani and Mark Zuckerburg along the way.
This aggressive pace has paid dividends. The governor is leading Buono in the polls by a wide margin and his campaign's receipts have outpaced Buono's by a margin of 10 to 1.
But 'the Boss' has showed no signs of slowing down.
As reported by the Connecticut News Blog, the Garden State governor will attend yet another big name funder on October 9, hosted by wrestling exec Linda McMahon, husband of WWE royalty Vince McMahon and former candidate for U.S. Senate in Connecticut (she ran twice). The event also boasts appearances by former U.S. Ambassador to El Salvador Charles Glazer, and would-be governor of Connecticut Tom Foley, among others.
For any political partiers who want to stop by and rub shoulders with some of the biggest Republican players in New England, just know that it's gonna' cost you. Suggested minimum contributions are $3,800, which means that tens of thousands more dollars are likely to flow into Christie's campaign war chest.
While the governor's campaign would run afoul of state campaign finance law if it exceeds the $12.2 million mark in spending, some expenditures are not included in this tally. According to a representative from the Public Financing Department of the New Jersey Election Law Commission, these permissible expenses include the somewhat vague "reasonable costs" of campaigning, travel expenses and food and beverages for campaign events. But big ticket expenses like political advertisements are subject to the spending cap.
The Christie campaign would either need to use the surplus cash on overhead costs, or simply 'sit' on the cash and wait until the gubernatorial cycle ends -- at which point it could transfer the excess funds into other different political committees.
A bulging campaign war chest can be a great way for a lawmaker to shore up partisan support -- particularly for a pol with an eye on the White House.
Should Christie end the race with excess funds, he would not be able to transfer it to a federal political action committee, though he could make contributions to other state level candidates and party committees.
The Christie campaign did not immediately respond to a request for comments.
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