Hillary Raises Millions for 'doomed' Tilt at Presidency

In American politics, where money can mean the difference between winning and losing, Hillary Clinton is in a fundraising class of her own. The former First Lady, current New York senator and 2008 presidential hopeful has amassed a huge war chest for a tilt at the White House.

The money, as much as the Clinton name, gives her unrivalled front-runner status for the Democratic nomination and has allowed her to spread a web of influence throughout the party, despite the fact that many believe she cannot beat any Republican rival for the presidency.

Figures released last week show that Clinton raised $21.4m last year alone - a huge sum for a woman facing an easy re-election to her Senate seat later this year - and few observers doubt that she wants to be America’s first woman President.

Clinton’s financial heft and high profile are unrivalled in her party. ‘She is a gravitational power within the party. Donors are just pulled into her orbit in a way no other potential candidate can compete with,’ said one senior party official.

Clinton’s power comes not just from her ability to raise more money than any other Democratic figure, but also because her star quality allows her to boost the campaign coffers of potential supporters. Since 2001 she has raised a staggering $50m for other Democratic candidates, by appearing at their fundraisers or lending her name to their mailshots. Her brief appearance can net more donations than many weeks of traditional campaigning by struggling candidates.

This ability wins a lot of loyalty and explains why Clinton’s lock on the political establishment of the Democratic Party is so strong, despite polls showing that many voters doubt whether she is capable of winning the White House. A CNN poll showed that 51 per cent of Americans refuse to vote for Clinton, whatever the circumstances. In another poll, 49 per cent of New York voters told the Marist College’s Institute for Public Opinion they believed Clinton should not run for President. That is a big blow for a popular New York senator. ‘She comes with controversy,’ said Marist pollster Lee Miringoff.

Clinton’s power is also explained by a tight-knit group of Democratic officials across the party who have longstanding ties back to the Bill Clinton White House. They include John Podesta, Bill Clinton’s former chief of staff who is now head of the powerful Centre for American Progress, and various former aides at the Democracy Alliance, a powerful group of wealthy Democratic donors. It is this network that has helped Clinton craft a steady strategy of moving to the right to woo independent and Republican voters. She has held joint press conferences with former enemies such as Newt Gingrich and right-wing Christian conservatives on a host of social issues. She has also softened her position on abortion and become a leading hawk on the Iraq war.

Many observers outside the party establishment believe that choosing Clinton will doom the Democrats to defeat in 2008. They believe she carries too much baggage from her years in the White House and will be too easily attacked by the Republicans. They also point to the failure of John Kerry’s campaign as a lesson in not running a senator from the north-east when the last two Democratic presidents were Southern governors.

‘The lesson for Democrats is clear: nominate a Southern candidate with credibility and appeal,’ said Professor Mark Rozell, a public policy expert at George Mason University. But few senior Democrats match that description. Mark Warner, the former Governor of Virginia, has created a lot of buzz with his credentials as a popular Democrat in a strongly Republican state, but he has little influence in the party.

The Democrats have struggled to capitalize on the sea of troubles that swamped President Bush’s administration last year. With the country due for crucial congressional elections this November, Democrats are facing a battle to make any significant gains against a Republican Party controlling the White House and both houses of Congress. A recent poll by Zogby International showed the Democrats scoring just a single-seat net gain in the Senate.