According to “Hotline” (subscription required), Sen. Michael Bennet had one of the hottest burn rates in the country in Q1:
Spent Most In 1stQ
McMahon ($4.82M), McCAIN ($3.06M), LINCOLN ($2.00M), Rubio ($1.83M), Fiorina ($1.66M), Lowden ($1.58M), Binnie ($1.54M), BENNET ($1.31M) [Pols emphasis], REID ($1.03M), Toomey ($1.03M)
Ordinarily we’d tell a cautionary tale about spending so much money so early in a race, but like anything else involving fundraising, a burn rate is all relative compared to what’s happening with your opponents.
Bennet spent more money in Q1 than anyone else in the race (except for Jane Norton) has raised in total. That’s the luxury you have when you put in the time and effort required for raising money. Bennet still has about $3 million more in his warchest than anyone else; hell, you could add up the cash on hand amounts of the other four candidates combined and still not come close to what Bennet has in the bank.
Bennet’s burn rate is so high in large part because he’s already gone up on TV with three different commercials, so he’s not exactly pulling a Scott Gessler and pissing it all away (although Bennet’s commercials haven’t exactly been genius-level, either).
Bennet’s fundraising has afforded his campaign the luxury of being on TV when the rest of the field has to be saving every dollar for July, and that is part of a point we have been making here for months: It’s not necessary for the other candidates to raise more money than Bennet in order to beat him, but they still need to stay in the general vicinity. And that hasn’t happened just yet.