Rep. Mike Honda still had almost $1 million banked for his re-election campaign at the end of September, while Democratic challenger Ro Khanna was almost out of money, new Federal Election Commission reports show.
Honda, D-San Jose, reported raising $412,167.16 and spending $450,861.74 in this year’s third quarter, and had $964,638.14 cash on hand as of Sept. 30 with no outstanding debt.
Khanna, a former Obama administration official from Fremont, reported raising $323,291.72 and spending $972,139.27; he had $218,106.35 cash on hand as of Sept. 30, but with $140,980.31 in outstanding debt.
This is a tremendous turnaround from the campaign’s early days. Khanna had entered this race with a huge bankroll because he’d raised a record-setting $1.2 million in the final quarter of 2011, when people thought he would run to succeed Rep. Pete Stark in the 15th District. When Stark didn’t retire, Khanna pivoted instead to this 17th District race, and outraised Honda for the rest of 2013.
But Honda has outraised Khanna in the first three quarters of 2014, while Khanna spent most of his campaign’s fortune before the primary – in which he finished 20 points behind Honda.
Honda’s campaign said the new report shows Khanna’s campaign lacks enough money to meet its payroll and rent.
“With less than 20 days to go until Election Day, Ro Khanna is 15 points down and in the position of deciding whether to spend his little remaining cash on his large staff or on continued attacks on Congressman Honda,” Honda campaign manager Doug Greven said in a news release Thursday. “Our campaign has nearly $1 million in cash, $900,000 more than Khanna, and we are just now starting to spend the majority of our resources when voters are paying the most attention to the election.”
Honda’s internal poll showed him 15 points ahead; Khanna’s poll showed a dead heat, and spokesman Tyler Law said that’s helping raise new money.
“The fact that the race is now a dead heat is also helping our final push to Election Day, both in terms of grassroots enthusiasm and financing,” Law said Thursday morning. “In fact, in the three days since we released our poll, we’ve raised nearly $55,000. We expect that kind of support will continue in the final weeks of this race.
Law noted 70 percent of Khanna’s third-quarter contributions came from Northern California, while only 41 percent of Honda’s did.
“With recent polls confirming this race is wide-open and the momentum is on our side, it’s clear that our early investments in an aggressive mail program and focus on building a state-of-the-art grassroots organization are paying dividends,” Law added. “As we’ve said all along, our team will have the resources needed to win in November. Just as importantly, we did it without taking a single dollar from PACs or lobbyists and have raised the vast majority from right here in the Bay Area — a stark contrast from our special-interest and Washington-funded opponent.”
But Khanna is getting external help. Californians for Innovation – a Super PAC formed in August by Khanna supporter Ash Chopra of Menlo Park, a financial advisor with Merrill Lynch – has reported spending $211,036.36 on the race this month forvoter data, mailers and postage.
Honda launched his first TV ad of the year on Sept. 29, and has had some help from the California Democratic Party to keep it on the air. Khanna, who aired a few ads before the primary, seems to be concentrating more on direct mail for his general-election advertising push.
UPDATE @ 4:58 P.M.: Click here to read the more complete story, including who’s bankrolling the pro-Khanna Super PAC.