GOP making good on $100 million White House fund drive

From Brooks Jackson/CNN

WASHINGTON (CNN) -- Democrats who scoffed at the Republican Party's announced plans to spend up to $100 million to help elect Texas Gov. George W. Bush president may not be scoffing after the party's latest report to the Federal Election Commission.

The Republican National Committee reported it had $78 million on hand at the end of July -- $25 million of that was raised in July alone. The GOP war chest has been swollen by record hauls of "soft money" -- the unregulated donations from corporations and others that are supposed to be used for "party building" expenses.

The $78 million figure is $8 million more than expected and more than double the $35 million that Democratic officials reported June 30. Democrats report their totals quarterly, while Republicans report their fund-raising results on a monthly basis.

The GOP haul breaks the previous record for soft money collections, which the party set in June. The next-largest report came in July 1996 with $16.5 million, also by the Republicans.

More than a quarter of the money raised in July came from a list of only 20 donors, each of whom contributed $200,000 or more. Topping the list was horse-racing executive Craig Duchossois, of Elmhurst, Illinois, and his family: Together, they contributed $400,000 to the GOP.

Another $350,000 came from FirstEnergy Corp. of Akron, Ohio, an electric utility which just announced plans for a multibillion-dollar merger with GPU Inc.; and venture capitalist Finn Casperson, chairman of the U.S. equestrian team, who gave $275,000. Another 10 donors contributed $250,000 each to the party.

Republican fund-raisers are now trying to raise another $30 million in regulated funds, the so-called "hard money" that is legal for any party purpose. The party's past performance indicates that it should have little trouble reaching that goal.

That means the Republicans' $100 million pledge may not be nonsense: Most of it is in the bank already.