Schmidt vs. Wulsin in the $$ race

Democrat Victoria Wulsin announced earlier today that she plans to challenge Rep. Jean Schmidt in the 2nd Congressional District again next year.

If that's the case, both candidates will have to raise a boatload more money than they currently have in their respective campaign accounts, according to campaign finance reports filed recently with the Federal Election Commission.

According to Schmidt's report, filed yesterday, the Miami Township Republican has raised $20,065 during the first three months of this year. But after paying expenses, Schmidt was left with just $17,118 in the bank.

But her campaign owes nearly $32,000 for legal services ($26,650 to the Squire Sanders & Dempsey law firm and $5,328 to the Strauss & Troy law firm, of which her former campaign manager Joe Braun is a partner). Schmidt also has yet to repay herself $277,150 funds she loaned her campaign.

Wulsin also has a meager campaign balance. The Indian Hill doctor started the year with about $47,900 in the bank, but she raised just $1,867 from Jan. 1 to March 31.

After paying for office expenses and reimbursing herself $37,500 in money she had loaned her campaign, Wulsin is left with about $4,350 in the bank - but no debts to anyone other than herself. To date, she is only out $1,500 that she loaned the campaign.

Here's how they compare:

Schmidt:
- Raised last 3 months: $20,065
- Cash on hand as of March 31: $17,118
- Debts: $309,150

Wulsin:
- Raised last 3 months: $1,867
- Cash on hand as of March 31: $4,350
- Debts: $1,500