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Rep. Israel leads others in campaign funds
Real estate news By Martin C. Evans
October 17, 2007
With his next election contest still more than a year away, Rep. Steve Israel has amassed $1,013,603.12 in campaign cash, far more than any of his Long Island congressional colleagues. With the cost of running for a seat in Congress reaching all-time records, incumbents start fundraising for their next contest almost as the polls close on their last victory. "It reflects the reality that our campaign finance system is very broken because it is so extraordinarily expensive to run for office," said Common Cause spokeswoman Mary Boyle. The average cost for a successful House campaign was $1.6 million last year, compared to $87,000 30 years ago, Boyle said.
Rep. Gary Ackerman (D-Jamaica Estates) had $781,445.40 in cash on hand. Rep. Tim Bishop (D-Southampton) had $696,672.45, and Rep. Carolyn McCarthy had $485,814.32. In the first three months of this year, Israel compiled $243,869.62 in campaign donations. Israel also has spent more than any other member of the Long Island delegation since the last election - $408,000 - including money for a stable of political consultants. McCarthy spent $401,526.
Israel is believed to be positioning himself to run for the Senate seat now held by Hillary Rodham Clinton, should she win next year's presidential election. "He wants to be in a position to be successful in any position that could arise," Israel's spokeswoman, Megan Dubyak, said yesterday. "It takes money to raise money." Much of Israel's fundraising this year came from entities with ties to the banking, mortgage and real estate industries, whose fortunes are influenced by the House Financial Services committee. Israel was a member of that committee from 2000 to 2006, when he was named to the Appropriations Committee.
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