Republican Frank Pallotta continues to struggle to raise money for his rematch against Rep. Josh Gottheimer (D-Wyckoff) in New Jersey’s 5th district and has $171,145 cash-in-hand after raising $267,291 in July, August and September of this year.
Pallotta loaned himself $30,000 on the penultimate day of the third quarter. That brings his personal investment in his second run for Congress to $105,000, which is substantially less than the $1.4 million Pallotta put in to take on Gottheimer two years ago. He’s paid himself back more from his 2020 debt than he’s put in this cycle.
The former investment banker has raised $665,091 since announcing his bid to take on Gottheimer fourteen months ago.
Gottheimer, the Human Fundraising Machine, has a nearly 82-1 cash advantage heading into the home stretch of the 2022 mid-term election. The three-term Bergen County congressman raised more than $1.1 million in July, August and September and has over $14 million in his campaign warchest.
This cycle, Pallotta has raised $66,091 this cycle, compared to Gottheimer’s $7,939,268. Pallotta reported spending $160,214 in the third quarter and $678,206 for the cycle. Included in that total is a $120,000 loan repayment to Pallotta and a $69,235 transfer from a national GOP committee set up to raise money for the eventual nominee in advance of the June primary.
Pallotta’s fundraising has been lethargic all year. He spent roughly $518,000 to win the Republican primary against Nick De Gregorio, a U.S. Marine combat veteran who was widely viewed as the stronger challenger to Gottheimer. But Pallotta eked out a 1,469-vote win in the primary, 50%-46%.
In total, Pallotta is carrying a campaign debt of $506,669. To put that into perspective, Gottheimer could pay off Pallotta’s entire campaign debt, double his cash-on-hand, and still have $13 million in the bank.
Republicans held the 5th district seat in Congress for 36 years until Gottheimer, a former Clinton White House speechwriter, ousted seven-term Rep. Scott Garrett (R-Wantage) by four percentage points in 2016 in a district that was won by GOP presidential candidate Donald Trump.
Congressional redistricting made the 5th more Democratic.