FEC Report Highlights: John McCain's Campaign Is Virtually Bankrupt

Fumes: His campaign reported $3.4M on hand with a debt of $1.7M. But it also reported raising a total of $1.8M toward the general election.

That means that McCain's campaign has no cash on hand -- in fact, even with the general election money factored in, it owes about $94,000. It is, in other words, bankrupt.

Its $1.7M debt, incidentally, comes from rent that is owed, an American Express bill that is overdue, and finance payments on computers.

Spending limits: The McCain campaign reports that it has spent $288,000 toward Iowa's spending limit, $234,000 to New Hampshire's spending limit and $230,000 toward South Carolina's spending limit.

Fly Commercial: Gone this quarter: expensive charter rentals. In: dozens of flights on commercial airlines, stays in Best Westerns, Days Inn, Embassy Suites and the Oceanview Terrace Motel in Shinnecock Hills, New York.