Bush breaks $90 million fund-raising mark

WASHINGTON - George W. Bush broke through the $90 million fund-raising mark last month, but has less than $1 million a week to spend through the Republican National Convention in early August. Al Gore will be able to spend about the same amount each week.

Bush reported Tuesday that he had $7.1 million in his campaign account at the end of May. He raised $650,000 so far this month, and has another fund-raiser scheduled Friday in Alabama.

Gore reported a bank account balance of $8.3 million. He also expects an additional $1.3 million in federal matching funds. But the Democratic Party convention is Aug. 14-17, less than two weeks after the Republican meeting July 31-Aug. 3, and Gore's money will have to last until then.

Following the national conventions, each candidate will receive $67.6 million in federal funds for the general election and cannot raise any more money except to cover legal and accounting costs.

In his monthly filing with the Federal Election Commission, Bush reported raising $6 million in May - 10 times more than Gore - bringing his fund-raising total to more than $90 million, twice as much as any presidential candidate ever. The previous fund-raising record was set by 1996 GOP nominee Bob Dole, who raised $31.3 million and received $13.5 million in federal matching funds for a total of $44.8 million.

Bush received the maximum $5,000 contribution from the political action committee of CSX Corp., a major railroad company. Congress is considering legislation to renew the Surface Transportation Board, which regulates the railroad industry. He got $5,000 from the PAC of the lobbying firm of Gibson, Dunn & Crutcher, whose clients include defense contractors Boeing, Lockheed Martin, Loral and Northrop Grumman. Bush has called for boosting defense spending.

Bush spent $4.9 million last month, bringing his spending total to $83 million, also a new mark for presidential campaigns. More than one-fourth of the total - $22.4 million - went for advertising.

The Texas governor, who is not accepting federal funds for his campaign, can raise and spend as much as he wants. Gore is limited to spending $40.5 million on his campaign through the convention, plus legal and accounting costs, because he is accepting federal funds.

Gore received $3.3 million in federal funding last month, bringing his total to $14 million. Aides said he expects to eventually get more than $15 million. Candidates are limited to a maximum of $16.9 million in matching funds.

The vice president raised just $600,000 last month, bringing his fund-raising total close to $37 million, excluding the federal funds.

Gore's campaign has spent $40.7 million, but reported that only $28 million of the total fell under the $40.5 million spending cap. He spent $1.3 million last month, with $70,517 going to reimburse the government for trips on Air Force Two and government limousines

In a separate FEC filing, Bush provided a recent look at his financial holdings.

His financial disclosure report for 1999 showed that he had between $6.1 million and $12.6 million in U.S. Treasury bonds, providing him with between $358,750 and $1.1 million in interest; a blind trust of between $1 million and $5 million; and two money market accounts, valued at between $600,000 and $1.3 million.

Bush earned between $500,000 and $1 million in capital gains by selling a lakefront home in eastern Texas; he now owns a 1,500-acre ranch in Crawford, in central Texas, valued at between $1 million and $5 million.

He also reported as much as $1 million in capital gains from his share of the partnership that formerly owned the Texas Rangers baseball team. Bush still holds a share of the partnership worth between $500,000 and $1 million, but the group is being dissolved.

He was paid $97,153 as governor of Texas and received another $130,000 for his campaign biography, ''A Charge to Keep.'' The book advance is being donated to charity.

Gore, who files with the Office of Government Ethics, reported assets of between $882,010 and $2 million, including a home in Arlington, Va., valued at $497,900 and a home in Carthage, Tenn., appraised at $266,200.

He was paid $8,500 for a new forward for his book, ''Earth in the Balance,'' and $850 for reprints for an introduction to ''Silent Spring,'' Rachel Carson's classic environmental book warning of the dangers of pesticides.

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On the Net: Federal Election Commission site: http://www.fec.org

Bush campaign site: http://www.georgewbush.com

Gore campaign: http://www.algore2000.com