Jeremy Alford and David Jacobs: Self-financing becomes a theme in Senate race

When it comes to fundraising for next year’s Senate race, U.S. Sen. Bill Cassidy is lapping the rest of the field.
His team reported more than $2.1 million raised in the second quarter alone, by both his campaign and associated joint fundraising committees, with more than $9 million on hand — “the largest war chest ever recorded at this point in any Louisiana Senate race.”
Cassidy campaign manager Katie Larkin added, “With historic momentum and unmatched resources, we’re ready for anything that comes our way.” 
For this particular money race, however, second place might be more meaningful, as the leading GOP challengers compete to be the ultra-MAGA alternative to the guy who voted to convict President Donald Trump. (To be fair, Cassidy also attended a bill signing with Trump Wednesday.)
That’s where state Treasurer John Fleming and state Sen. Blake Miguez come in, as they stare down Louisiana’s return to a closed primary system.
Fleming’s campaign committee finished the second quarter with a little more than $2.1 million in cash on hand, compared to $1.7 million for Miguez, according to reports filed with the Federal Election Commission.
Both Fleming and Miguez are self-funding to a significant extent, a trend that’s only growing based on information from the FEC and Open Secrets. The latter nonprofit organization noted that in the 2024 cycle, a total of 65 candidates spent more than $1 million of their own money. The FEC, meanwhile, found at the turn of this year that candidates for the two chambers reported combined total debts of $475 million, indicating a far-reaching reliance on personal cash.
“As the costs of running for office have escalated, more and more candidates are jumping into politics using their personal fortune, rather than trying to raise all those funds from other people,” Open Secrets stated in a summary about self-financing. “Though they don’t lack for money, self-funded candidates typically lose at the polls.”
Fleming lent his campaign $2 million in the first quarter. He paid it back, then loaned the same amount again this quarter. Rolling the loan over from one quarter to the next inflates his Q2 total on paper, though it’s mainly a matter of basic money management, he said. 
“Do you really want $2 million sitting in a dead bank account, not earning you interest or investment returns?” Fleming said, adding that he’ll likely put up more of his own money. “There’s plenty more where that came from.”
Fleming said his federal fundraising rolls have gone a bit stale since his last run for Congress in 2016, but the statewide run for treasurer in 2023 helped him make new connections. He said he is focused on raising money for the Republican primary in April, not a potential party runoff or the general. 
Fleming has raised about $115,000 from individuals in Q2 and about $382,000 for the cycle. His FEC report shows no committee contributions for the last quarter and $3,000 for the cycle. 
His spending this quarter includes a mix of consultants, along with advertising in the digital world and in meatspace.
Fleming said he has about 5,000 yard signs out there now and 800 more waiting for placement. 
Fleming also had almost $200,000 on hand in his state campaign account at the end of last year. While he can’t use his state account for his Senate campaign, he can transfer that money to a supportive super PAC or similar group. 
Miguez, for his part, lent his campaign $1 million to help jumpstart the bid he started officially last month. He also shot out of the fundraising gate, collecting nearly $800,000 from individuals and another $12,000 from political committees — most notably doing so over the course of roughly two weeks.
Like many other Republicans including Cassidy, Miguez is using WinRed, the online fundraising platform that (like the Democrats’ ActBlue) has been a source of controversy. Fleming used it in his campaign for treasurer but not so far for his Senate bid. 
Miguez expressed confidence that he can maintain and build upon his early momentum, noting that he launched at a time when many people are on vacation and not thinking about politics. His funding commitments go well beyond what his first report indicates, he said. 
“We plan to make our next quarter just as strong as the first,” Miguez said. “We hope to pick up some speed once the summer is over.” 
Miguez’s campaign has only spent a little less than $79,000 so far, mostly on digital advertising and processing fees to WinRed. 
As for Cassidy, he has collected over $2.3 million in political committee donations alone, more than either of his main competitors have on hand. His joint fundraising committees are the Cassidy Leadership Fund and Continuing America’s Strength & Security, while the Louisiana Freedom Fund SuperPAC also supports his campaign, spokesperson Ashley Bosch said. 
As would be expected for a sitting U.S. senator, much of his campaign cash comes from out of state. Louisianans have contributed almost $3 million, Bosch said. 
“Our Q2 numbers are just another indication of the enthusiasm that has been building for his reelection campaign,” she said.
Along with the $2.1 million raised in the last quarter, he raked in $1.36 million in the first three months of this year. At that pace, which Bosch said the team can maintain, they could raise in the neighborhood of $7 million for the year, more if the growth trend continues. 
Cassidy spent more than $387,000 in Q2. The biggest line-item expense for the quarter was $65,200 to Ragnar Research Partners, which conducted a poll discussed in this story from Beltway Beat, a sister publication of LaPolitics Weekly. 
Make no mistake: the numbers matter. Last cycle, the average winner of a U.S. Senate seat spent $13 million, while the average loser spent $13 million.
The “least expensive winning campaign,” according to the FEC, was $3.4 million.
Congresswoman Julia Letlow, who has yet to shoot down rumors that she might run for the Senate against Cassidy, reported raising more than $805,000 and spending almost $224,000 in the second quarter, finishing with more than $2.1 million on hand. 
Republican Sammy Wyatt, who has announced he is running for Cassidy’s spot, reported raising almost $133,000 in Q2, spending almost $111,000, owing $50,100 and finishing the quarter with a little more than $22,000. 
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