Republican Frank Pallotta raised just $58,145 over the last three months for his rematch against the Human Fundraising Machine, Rep. Josh Gottheimer (D-Wyckoff), in New Jersey’s 5th district.
Pallotta has raised $231,088 since announcing his candidacy in April but has just $110,760 cash-on-hand.
That’s considerably less than Gottheimer who raised $1,050,000 during the third quarter of 2021 and now has a majestic $11 million in his campaign warchest.
Pallotta, an investment banker, spent $1.435 million of his own money in an unsuccessful bid to take out Gottheimer in 2020. He lost by 31,842 votes, a 53%-46% plurality.
Nicholas D’Agostino, the 32-year-old president of the Sussex-Wantage Regional Board of Education, entered the race for the GOP nomination in February. He has not yet filed any fundraising reports.
A third potential candidate, 36-year-old Marine Corps combat veteran Nick DeGregorio, is also exploring a congressional bid.
The 5th district congressional seat had been held by Republicans for 36 years until Gottheimer, a former speechwriter in the Clinton White House, unseated seven-term Rep. Scott Garrett (R-Wantage) by 14,897 votes, 51%-47%, in 2016. Donald Trump carried the 5th district by a 48%-47% margin against Hillary Clinton that year.
Gottheimer was re-elected in 2018 by 41,291 votes, 56%-42%, against Republican John McCann, a former Cresskill councilman.
Pallotta is still carrying about $380,000 in debt from his last campaign, most of it to himself.
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