Link: CQPolitics.com - NM Gov.: Massive Cash Gap Makes Richardson a Lock.
New Mexico Democratic Gov. Bill Richardson, who is seeking a second term this year, appeared a solid favorite over little-known Republican challenger J.R. Damron — even before their latest campaign finance filings were posted.
But the reports, posted this week by the New Mexico Secretary of State, document that the race is a financial mismatch and suggest Richardson now appears virtually certain to secure re-election, and has led CQPolitics.com to change its rating on the race to Safe Democratic from Leans Democratic.
The contest had been held in the competitive “Leans” category because of the politically competitive nature of New Mexico politics. But it appears at this juncture that Richardson is a shoo-in.
Richardson’s incumbency gave him a big head start at fundraising: He began his campaign with $3 million in the bank. Over the course of the election cycle, Richardson has added $3.7 million.As a result, his finance report showed he had $5.6 million on hand as of May 1, even after spending $1.2 million — including nearly $90,000 in contributions to the state Democratic Party.
That left him with a monumental 267-to-1 advantage in cash reserves over Damron, a radiologist who continued his practice full-time through April. Damron had raised $286,000, two-thirds of which came from his personal accounts; spent $265,000; and had just $21,000 on hand as of May 1.