That two million dollar sum McCain had only a few days ago has now dwindled to just $250,000 dollars. It is a lot of money to the average person, but in campaign terms it is next to nothing. The money is flying away fast, almost as quickly as the life of the campaign and the major players inside of it. The man who was once the front-runner is about to be nothing more than a footnote of the early part of the 2008 Presidential race.
From CNN PoliticalTicker:
The sources tell CNN that next week the McCain campaign will reveal it has about $1.75 million in unpaid debts, wiping out the $2 million in cash-on-hand the campaign currently has in the bank.
It was not immediately clear whether the campaign debt must be repaid immediately or whether the debt can be paid back over time, including after the presidential campaign ends.
Even though McCain has raised just over $11 million overall in the last three months, his campaign has spent large sums of money, one of the primary reasons for the departure earlier this week of his top two strategists, Terry Nelson and John Weaver.
With all of the wind being taken out of his sails, McCain's pledge a few weeks ago to consider dropping out of the race only after June or July might have to be cut short. It is already the 12th of July, but with the limited funds in his account, I don't see this ship lasting another 20 days. I would say 'stick a fork in him' but that has already been done.
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