Republican presidential candidate Newt Gingrich’s victory in the South Carolina primary has sparked his fundraising efforts. The campaign took in more than $1 million from a "money bomb" in 24 hours following his win in the contest, Gingrich announced on Twitter.
The former House speaker will need all the money he can get. It will cost up to $10 million to campaign in Florida over the next 10 days, The Wall Street Journal
estimates. Candidates will have to buy ads in 10 different media markets and traverse the state in private aircraft.
"You know, Florida is a tough state for everybody," former Pennsylvania Sen. Rick Santorum, one of Gingrich’s remaining competitors, told CNN on Sunday. "It's very, very expensive. It's a very short time frame."
Front-runner Mitt Romney hopes to raise as much as $10 million himself before the Jan. 31 Florida primary and has recruited many of the national fundraisers who worked for Texas Gov. Rick Perry before he dropped out of the race. Former Massachusetts Gov. Romney had more than a $14 million advantage over Gingrich for cash on hand in the latest official figures, The Hill reports
Romney collected $2 million at a single event for fat cat donors in Florida Jan. 12, which was organized by real estate titan Stephen Ross.
And while Gingrich’s $1 million catch is impressive, Texas Rep. Ron Paul has done that in almost every month of the campaign, snagging $4 million in a December money bomb.
Still, Gingrich is riding the momentum of his South Carolina win, and his campaign hopes to take in another million quickly.
A big question is whether casino mogul Sheldon Adelson, who wrote Gingrich’s super PAC a $5 million check before the South Carolina primary, will step up to the plate again. His donation probably made a big difference for Gingrich in the Palmetto State, financing much of the advertising effort for him there. Another donation from Adelson could have a major impact in Florida, too.
Sources close to Adelson told the Journal he was ready to sign another big check if Gingrich did well in South Carolina.
The race for money closely resembles the race for delegates, according to the Journal. The Republican establishment generally funds Romney, while conservatives, tea partyers, and small donors are contributing to Gingrich.
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