Mitt Romney Spending More Than Perry, Cain

Mitt Romney, in his bid to replace Barrack Obama, is spending much more campaign donations than Herman Cain, Rick Perry, and Michele Bachmann. The team has also been dealing with comments from Robert Jeffries about him being Mormon. Even so, the polls suggest a tight Republican race.

Romney and Perry are fueling their campaigns by relying on big-dollar donors. However, they diverge on spending. Finance filings submitted Saturday show Mitt is paying more money on his political staff, direct mail and other campaign activities in key states than Rick.

The GOP Presidential candidate disclosed Friday that he had raised $14.2 million in the third quarter, putting him in second place behind Perry in terms of donations. But he appears to be spending at a fast rate, having gone through an estimated $18 million over the past six months. The next three months will be an interesting race when the two prepare for South Carolina and Florida.

Perry took in $17 million in the third quarter, but has so far been more modest in spending, with only $2 million spent by the end of September. In past campaigns in Texas, the Governor saved money for advertising blitzes closer to election dates. But his poor poll ratings might yet force him to blitz sooner than later.

“We are proud of the $32m we have raised for the campaign so far,” Spencer Zwick, national finance chairman for Romney, said in a released statement. A huge proportion of his donations in the second quarter came from wealthy individuals. Zwick also stressed that 83% of the has come from small donors, from checks for $250 or less.

Mitt has banked additional Wall Street support that does not appear on last quarter’s books. After New Jersey Gov. Chris Christie finally made his decision not to run, he endorsed the former Massachusetts Governor. In fact, many of Christie’s ardent backers, mostly wealthy financiers from the Northeast, followed suit.

Cain, who has surged in polling in recent weeks, raised $2.8m last quarter. Bachmann of Minnesota raised $4.1m and spent about $6m. Romney does seem to be climbing, but slowly, in recent polls.