AP has a story about Clark's TV ad budget, and it has some interesting statistics. Analysis follows.
Since announcing his bid in September, Clark has raised nearly $18.7 million, including federal matching funds, and has spent about $4.7 million on TV commercials in New Hampshire, with its Jan. 27 primary, and February primary states.
First of all, I don't get the $18.7 million total unless we're breaking new news here. There was FEC-reported $3.5 million in Q3, $3.7 million in FEC matching funds, which would leave a balance of $11.5 million. That's the high side of Clark's estimate (and maybe even higher). They said it could be $10.4 million in Q4 (the low side estimate), too. So it could be $17.6 million total, but we'll see when the report is filed. Let's split the difference and say a cool $18 million available to spend to end of Q4, since $100K or so was already spent in Q3.
"Has spent" would suggest spent by the end of 2003 (in Q4). I agree that's a lot of money. So subtract $4.7 million from $18 million and you've got $13.3 million left for staff, offices, mailing, fundraising expenses, consultants, polling, telephones, paperclips, research, etc., etc. Plus Q1 ad buys.
Note that all Clark's expenditures are subject to state-by-state spending limits. Only Dean and Kerry are not so limited. So you have to be careful not to spend too profligately else you race through the caps.
The article notes that Clark is on the air in New Hampshire, all the February 3rd states except Missouri and Delaware, and Tennessee. However, in some of these states the ad buys are minimal.
In contrast, Dean spent $3.5 million on TV (excluding Iowa). His total ad spending is $6.5 million. Dean has raised over $40 million to date, so he can certainly afford it. His ad buys also seem to be efficient, with a low dollar-per-poll-point figure.