Associated Press
February 20, 2008 12:09 a.m.
WASHINGTON -- Republican John McCain raised nearly $12 million in January.
Propelled by victories in New Hampshire and South Carolina, he solidified his place as the leading candidate for the GOP presidential nomination.
According to filings with the Federal Election Commission late Tuesday, Sen. McCain reported $5.2 million cash on hand at the start of February and $5.5 million in debts, including a loan of nearly $4 million.
The month marked a turnaround for the Arizona senator, whose presidential campaign has once been considered all but dead and sealed his decision to not accept public financing during the primary.
Buttressed by a loan and a strategy that focused on New Hampshire, Sen. McCain fended off a better financed Mitt Romney.
Sen. McCain's January finances represented the best single month of fundraising yet. But his report also showed that he entered the month with trepidation, borrowing $950,000 in the first week of January in addition to the $2.9 million he had borrowed in December. The loan improved Sen. McCain's cash on hand, allowing him to buy ad time in New Hampshire to fend off an aggressive run by Mr. Romney, the former governor of Massachusetts.
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