McCain Money: a 95% Burn-Rate

ABC News’ Bret Hovell Reports: The presidential campaign of Arizona Senator John McCain spent 95% of the money it took in during the third quarter of 2007.

Combined with money left over from previous fundraising quarters, the campaign has $3.5 million cash on hand.

In the third quarter the campaign raised $5.7 million, spent $5.5 million, and had about $1.7 million dollars in debt – which means they only retired about $50,000 in debt during the quarter.

McCain’s numbers were submitted Monday to the Federal Election Commission.

When asked about his finances in recent months, McCain has noted that the money is coming in "okay," and the most important thing is that spending is now under control.

"Thank God!" he said when asked in early September.

In the second quarter of 2007, McCain’s campaign raised $11.6 million, but spent $13.1 million. That spending inequity contributed to a falling-out with his campaign manager and top adviser, who subsequently left the campaign, and resulted in the laying off of dozens of staffers to cut costs.

In total, McCain has raised $30.3 million dollars in 2007 for his presidential campaign.