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McCain scoops up $5 million in 48 hours

Republican presidential contender John McCain's Sunday-night-to-Tuesday-night fundraising spree in Florida collected about $5 million, according to organizers.

Not too shabby for a candidate who at one point last summer, couldn't even raise a quarter of a million dollars over three months.

Among the reasons for the big bump: McCain is wearing the mantle of the presumptive nominee. Major donors for his former rivals are coming on board. And he has set up "victory fund'' that allows donors to write checks for as much as $70,100, even though individual contributions are capped at $2,300.

Here's how it works: The first $2,300 of the check goes to the campaign, while the rest is spread between a federal election compliance fund, the Republican National Committee and accounts set up in four other states with limited fundraising networks.

Reflecting Florida's strong fundraising network and its must-win status in November, McCain has also set up a separate account in the state for future fundraising swings.

But, you say, I thought McCain was a crusader for campaign finance reform? Yeah right, says a Democratic-leaning watchdog group, the Public Campaign Action Group. Check out their talking points here: Download background-on-McCain-Loophole_002.pdf