With over $1.7 million in his war chest at the end of 2005, Sen. Lincoln Chafee '75, R-R.I., has more money than any of the candidates running against him, according to information provided by individual campaigns and filings with the Federal Electoral Commission.
Sheldon Whitehouse, former state attorney general, leads the money race for the Democratic nomination with almost $1.6 million in the bank, outpacing Rhode Island Secretary of State Matt Brown.
Chafee's campaign raised $731,649 - $330,000 in a loan from Chafee himself - in the fourth quarter of 2005, rebounding from a weak third quarter and bringing his total cash raised for the year to just over $2 million.
"We're very pleased with where we are," said Ian Lang, Chafee's campaign manager. "We lead all our challengers in cash on hand and are in a strong position to move forward."
Trailing Chafee is his challenger for the Republican nomination, Cranston Mayor Stephen Laffey, who had $830,963 in cash on hand at the end of 2005. Laffey raised $310,747 in the fourth quarter to bring his total since September, when he entered the race, to $1,053,785, including a loan of $360,000 from himself.
Laffey has frequently attacked Chafee, a moderate Republican in a heavily Democratic state, for being too liberal and has received financial backing from the anti-tax Club for Growth, a Wall Street-based group which targets Republican moderates for defeat.
"We continue to be very pleased with our fundraising," wrote Nachama Soloveichik, Laffey's press secretary, in an e-mail. "Our strong message of change has resonated with a great many people throughout Rhode Island and across the country."
On the Democratic side, Whitehouse led the pack by raising $418,759 in the fourth quarter, bringing his total for the year to $1,803,202, including a $360,000 loan from himself in the spring.
"It was a great quarter and we're extremely gratified by the number of people who are joining our campaign to change Washington," said Mindy Myers, Whitehouse's campaign manager.
Trailing Whitehouse was Brown, who raised a mere $282,365 in the fourth quarter. Whitehouse had $1,559,156 on hand at the end of 2005, versus $481,451 for Brown.
Requests for information from a third candidate, businessman Carl Sheeler, were not returned.
Brown, who was the first candidate to enter the race against Chafee, raised almost as much money as Whitehouse did last year, collecting $1,488,485.
But Brown has also spent that money faster than any other candidate, using up just over a million dollars in 2005. Chafee spent $694,474 in 2005, followed by Whitehouse with expenditures of $614,175 and Laffey with $223,266.
Brown's fundraising apparently began to rebound at the beginning of 2006, totaling over $200,000 in January alone, according to a press release by his campaign.
"We are continuing our fundraising at a steady pace and building Matt's name recognition across the state," said Matt Burgess, Brown's press secretary, in the release.
