Multimillionaire investor Blair Hull, who has said he is willing to spend as much as $40 million to win the U.S. Senate seat held by Republican Sen. Peter Fitzgerald, already has pumped nearly $6 million of his own funds into his bid for the Democratic nomination, campaign reports released Tuesday show.
Hull is on a pace to blow away the $13 million record for spending personal funds on an Illinois campaign, which Fitzgerald set in 1998. Of that amount, $7 million was used by Fitzgerald to win the GOP primary. Eight months before the March 2004 primary, Hull already is nearing that mark.
Hull’s heavy personal spending has triggered a provision in a new federal campaign-finance regulation designed to level the playing field between wealthy candidates who largely self-finance their campaigns and those who rely more on donations.
Under the new rule, Hull’s Democratic opponents will be allowed to raise as much as $12,000 from donors for the primary instead of the federal fundraising limit of $2,000.
Hull’s news secretary, Susan Lagana, said Hull notified rivals around Memorial Day that they could seek the higher level of donations, and a few of them have done so.
Samantha Anderson, a spokesman for Chicago lawyer Gery Chico, said the campaign had received four donations of $12,000 each.
In the Democratic fundraising derby, Chico raised $2.25 million in outside donations–more than any other challenger–and reported having $1.3 million on hand at the end of June.
Virtually all of Hull’s money has come from his own pocket. Since last year, he has raised only about $140,000 from others, his campaign said.
“It allows him to be independent,” Lagana said. “It says he has faith in his candidacy.”
Other Democrats argue that the race should turn more on a candidate’s skills and public record than his or her bank account.
“I think too many candidates in this race want to make it a race about money,” said Chris Mather, a spokesman for State Comptroller Daniel Hynes, who is also seeking the Democratic Senate nomination. “Organization and message are key components to winning campaigns.”
Mather said Hynes would report raising about $1.8 million in the first half of the year. More than $1.5 million of that is unspent and in the bank, Mather said.
Another Democratic contender, state Sen. Barack Obama, reported raising $1.4 million and spending about $400,000. The Chicago legislator also reported Tuesday that he was endorsed by U.S. Rep. Lane Evans, who represents 23 Downstate counties.
“We can’t write a million-dollar check like a lot of candidates in this race,” Obama said in a statement. “But they can’t buy a record on the issues that matter to people across our state, like expanded health care, more job opportunities and tax relief for those who need it.”
Health care executive Joyce Washington reported raising $271,000 in donations and lending her campaign $230,000. She had cash on hand of $439,000.
The race for the Republican nomination to succeed Fitzgerald includes at least three millionaire candidates who also reported using personal funds in the contest.
Former investment broker Jack Ryan made a $1 million loan to his campaign and lawyer John Cox lent his campaign $25,000.
Businessman Andrew McKenna gave his campaign nearly $50,000, raising $496,000 in donations.
Ryan’s campaign said it had raised $153,250 without a single fundraiser.
Besides his $25,000 loan, Cox had raised no other cash.
Another wealthy GOP contender, boutique dairy owner James Oberweis, will formally announce his candidacy Thursday.
