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Campaign funds: A PACket of money

LONG before Iowa’s caucuses or New Hampshire’s “first-in-the-nation” primary, presidential candidates must prove themselves in an even more crucial competition: the money primary. This week some early results came in, in the form of fund-raising reports to the Federal Election Commission for the three months to October. On the Republican side, Rick Perry and Mitt Romney are leading by a landslide. But their haul is dwarfed by the $42m amassed by Barack Obama. His total since he declared in April that he was running again is now $86m, almost as much as all the Republican candidates combined.Most impressively, Mr Obama has persuaded almost 1m people to contribute over the past six months, a figure it took him a year to reach in his first campaign for president. Roughly half of Mr Obama’s war-chest came from donations of $200 or less: a much higher proportion than in his previous campaign, and than Messrs Perry and Romney can boast. All that, says Michael Malbin of the Campaign Finance Institute, suggests that Mr Obama still has an army of loyal foot-soldiers behind him.For the moment, however, the Republican…

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