Los Angeles Times (8/2): 2005 Political Fundraising at $116 Million

[Jack Rabbit]

From the Los Angeles Times
Dated Tuesday August 2

2005 Political Fundraising at $116 Million
National drug firms supporting Prop. 78 on the fall ballot lead the way in candidates' and causes' efforts to build war chests.
By Dan Morain and Nancy Vogel, Times Staff Writers

Sacramento — Led by national drug companies that have poured $58.5 million into an initiative fight with national implications, promoters and candidates have raised more than $116 million they can use in campaigns this year and beyond.

In advance of the Nov. 8 special election he called, Gov. Arnold Schwarzenegger, along with such allies as the California Chamber of Commerce, has raised $19.6 million for initiatives he supports. He also collected $2.1 million for a possible 2006 reelection bid, raised in the first half of this year.

Unions representing public school teachers, prison guards and other civil servants are matching Schwarzenegger's money, raising at least $20 million in the first half of the year as they prepare to battle him over an array of ballot measures, according to reports filed with the state in recent days.

Schwarzenegger had predicted he would raise as much as $50 million for the campaign. Although he still may reach that goal, he fell short in the first half of 2005, the period covered by the filings. Indeed, his main initiative fund had a $1.8-million deficit on June 30; another fund, created by his backers, had a $1.4-million debt.

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