Rep. Ron Paul (R-Texas) raised $1.8 million in 24 hours between Saturday and Sunday, a major online “money bomb” timed to coincide with his 76th birthday. This is the fourth time Paul has raised more than $1 million in a day this campaign cycle, and a signal that he will have the money to compete as long as he wishes for the Republican presidential nomination.
Paul had more than $4 million in the bank at the end of June, and besides this raised another $600,000 in a day for fundraising for the Iowa straw poll, in which he finished a close second behind Rep. Michele Bachmann (R-Minn.). Paul spent about a half million dollars on the straw poll.
In comparison, Bachmann had $3.3 million cash on hand at the end of June, although her campaign was only weeks old at that point and much of her money was from her House account. She spent approximately $1 million on the straw poll.
Former Massachusetts Gov. Mitt Romney leads the GOP candidates in both the national polls and fundraising: He has more than $12 million in the bank, and a political action committee set up to support him has another $12 million. Romney can also self-fund should he decide to: He spent $44 million of his own money on his 2007-2008 campaign.
Paul’s fundraising prowess is nothing new: He raised $5 million in one day during his 2007-2008 run for president. In most national polls he trails the front-running trio of Romney, Bachmann and Texas Gov. Rick Perry, but leads all other announced GOP candidates.