The Little Campaign That Could

One of the more amazing things I've witnessed this cycle is how John McCain was able to run his campaign on the fumes of fumes, on only earned and free media, and still manage to find himself the unambiguous frontrunner for the Republican nomination.

McCain adviser Charlie Black credits campaign manager Rick Davis, who laid down an order: no matter how much money came in, marginally less than out was coming out. A number of key advisers, including McCain wordsmith/alter ego Mark Salter, worked without salaries for months. Even as their political fortunes improved, the campaign didn't go on a hiring binge.

According to the FEC, even with McCain's loan (collateralized on the campaign, and not on money from federal matching funds), he ended the year with only $3M on hand.

That money was gone by New Hampshire.

Since then, he's raised and spent about $9M, including more than 1 million over the past week off the internet.

Though fundraising commitments are soaring, the McCain campaign wears their pecuniary problems as a badge of honor: they found a way to secure the Republican nomination on the cheap without taking money from the government.