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McCaul Lends $500,000 to His Campaign

Rep. Michael McCaul (R-Texas) has loaned his 2010 re-election campaign $500,000, a reflection that his bid for a fourth term in the state’s 10th district will be an expensive campaign and possibly his most competitive.According to an updated report that the Congressman’s campaign filed with the Federal Election Commission this week, McCaul raised $236,000 from individuals, political action committees and other sources in this year’s third quarter, for a total of $736,000 in overall receipts for the reporting period. He had $892,000 left to spend as October began.McCaul’s likely Democratic opponent is Jack McDonald, a technology executive who is waging a well-funded campaign that is currently in what McDonald calls an “exploratory— phase. McDonald reported raising $298,000 in the third quarter and $933,000 overall; he had $805,000 in cash on hand as of Sept. 30. McDonald has loaned his campaign $26,000 in personal funds, including $25,000 in the third quarter.With more than a year remaining until the November 2010 general election, McDonald certainly will exceed the $1.2 million raised by the McCaul’s 2008 Democratic opponent, lawyer Larry Joe Doherty, who won 43 percent of the vote against McCaul’s 54 percent.McCaul has ramped up his fundraising from the 2008 election cycle. In the third quarter of 2007, McCaul raised $77,000, or about one-third of his third-quarter 2009 take if you exclude the large personal loan and about one-tenth if you include it.McCaul’s current cash-on-hand total is more than seven times larger than the $125,000 he had in the bank exactly two years ago.McDonald raised $20,000 in the reporting period from PACs, including $5,000 from the leadership organization of House Majority Leader Steny Hoyer (D-Md.). The PAC of the International Brotherhood of Electrical Workers gave $10,000 to McDonald’s campaign.McCaul released a statement that in part said that “we will continue to raise and personally invest whatever funds we need to run our campaign.— He also said that McDonald “has yet to take a single position on any major issue facing the Congress.—McDonald’s campaign previously released a statement that in part quoted Democratic Congressional Campaign Committee Chairman Chris Van Hollen (Md.), who said that “Jack McDonald’s continued fundraising success makes this district a good pick up opportunity for Democrats.—