Rudy Giuliani may be concerned about how much money the Democrats are raising, but he sure is spending up a storm.

His burn rate this quarter exceeded 100%. Giuliani reported having $18.3m on hand at end of the second quarter. If the math is right, he wound up spending $12m this quarter.

So both Mitt Romney and Rudy Giuliani spent about 120% of what they took in.

And without his own money, Romney would have about $500,000 in the bank.

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