No clear outcome:
Cash-poor Democratic candidates struggle after expensive Iowa effort.
The Iowa caucuses weren’t just a colossal political mess. They were a massive money drain for Democratic presidential contenders who poured millions of dollars into a contest so marred by technical glitches, its ultimate outcome will be marked with an asterisk.
That has forced a reassessment of political strategy born of financial necessity for candidates strapped for money. It also created a predatory environment for stronger candidates trying to pick off donors of weaker ones.
And then there is the case of Mike Bloomberg, the billionaire former New York City mayor who is funding his own campaign and holding something that has come to be called a “friend raiser” rather than a fundraiser. He merely is asking for support from donors to other candidates rather than asking them to write his campaign a check.
The chase for campaign money always runs parallel to the primary calendar, but at this stage of the race, candidates’ finances can be a ready proxy for the state of their political strength.
That has placed an even bigger spotlight on New Hampshire, where many of the cash-poor candidates were trying to raise money between campaign stops before the Feb. 11 primary.
As results from Monday’s Iowa caucuses were still being tabulated, former Vice President Joe Biden and Massachusetts Sen. Elizabeth Warren, both of whom trailed in Iowa, shifted their money around, canceled ad buys and sent emails pleading for donations.
“We’ll keep this brief. If we don’t hit our $600,000 debate fundraising goal by tomorrow night, we could enter the New Hampshire (get out the vote) weekend without the resources that we need to succeed,” Biden’s campaign said in a fundraising email.
Biden, who has low cash reserves and has struggled to raise money, pegged his bid for the nomination on his appeal in more diverse states that follow New Hampshire. But after a poor showing in predominantly white Iowa, he is being squeezed.
Pete Buttigieg, a former South Bend, Ind., mayor who did well in Iowa, has been reaching out to past Biden donors to gauge their interest in jumping ship.
Buttigieg has been raking in money since his Iowa performance. This week he attended three fundraisers in New York and New Jersey. And on Saturday, his husband, Chasten, will be on Biden’s home turf in Philadelphia.
Bloomberg’s “friend raiser” tactic is targeting onthe-fence donors whom Biden needs and who could further hinder his fundraising efforts.