McCain’s finance reports provide new details about how desperate his financial situation was after his campaign suffered a seismic shakeup in the middle of last summer.
The senator from Arizona raised $24 million during the first six months of 2007, half what the campaign had projected. His initial plans called for highly paid consultants, state directors, large operations..
After obtaining the $4 million line of credit from Fidelity & Trust Bank in Bethesda, Md., in November, McCain spent nearly $3 million between Nov. 18 and Dec. 16, according to campaign records.
The chief asset among $5 million pledged as collateral was McCain’s huge fundraising lists.
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