President George W. Bush can't run for re-election, but he still will be trying to raise millions of dollars starting in 2007 - for his presidential library - at the same time the Republican Party's presidential hopefuls are also trying to raise the enormous sums of money they'll need to be competitive in the 2008 primary and general election.
Could the Bush library fundraising make it more difficult for some of the presidential campaigns to raise funds?
The likely candidates, including Massachusetts Gov. Mitt Romney, Arizona Sen. John McCain, former New York Mayor Rudy Giuliani and others, all face a monumental monetary challenge - how to raise the hundreds of millions of dollars they'll need to be competitive. With estimates ranging from needing to raise $100 million by the end of 2007 to as much as $500 million overall by the eventual nominee to spend through the general election, the race for cash is already under way.
Bush, meanwhile, is about to launch a fundraising effort to raise $500 million for his presidential library. The New York Daily News reports the fundraising effort for the Bush library, which most likely will be built at Southern Methodist University in Dallas, will begin in 2007.
That's the same time the GOP presidential wannabes will be moving their own campaign fundraising efforts into high gear.
But the Bush library fundraising drive likely won't bother them much.
None of the current field of potential GOP presidential candidates is from Texas or has significant Texas connections, where the Bush library effort is likely to draw in big bucks. And the library fundraising project can court big-dollar donations - $10 million or $20 million for example - while donors to presidential campaigns are limited to donating a maximum of $2,000. The Bush library fundraising will focus first on the big-bucks donations from wealthy individuals, corporations and foundations, leaving the effort to raise money from individual donors able to give only smaller amounts until much later.
In short, the library project is unlikely to compete with the various presidential candidates' raising donations of $2,000 or less from individual donors.
The New York Daily News report on the Bush library plans says:
The President hopes to raise $500 million to build his library and a think tank at Southern Methodist University in Dallas. Bush lived in Dallas until he was elected governor of Texas in 1995.
Bush sources with direct knowledge of library plans told the Daily News that SMU and Bush fund-raisers hope to get half of the half billion from what they call "megadonations" of $10 million to $20 million a pop. Bush loyalists have already identified wealthy heiresses, Arab nations and captains of industry as potential "mega" donors and are pressing for a formal site announcement - now expected early in the new year.
The rest of the cash will come from donors willing to pony up $25,000 to $5 million.
The half-billion target is double what Bush raised for his 2004 reelection.
Well, not quite.
According to OpenSecrets.org, Bush raised $367 million for his 2004 presidential campaign. Democratic rival Sen. John Kerry raised almost as much, $328 million.
Comment Preview