Pearce raised $462,000 in the quarter to Teague’s $317,000. Both say they have over a million dollars of cash on hand for the 2nd Congressional District race.

Neither of the financial disclosure forms is currently available on the Federal Elections Commission website. Today is the deadline for financial disclosure for federal races.

“The outpouring of support for my campaign from thousands of New Mexicans is yet another sign that they are hungry for leadership in Washington,” Pearce said in a statement. “Families are struggling and the liberals in Washington are failing to lead our country towards economic recovery.

“The support Harry has received from every corner of southern New Mexico has been tremendous, and it isn’t just financial support – people from Las Cruces to Los Lunas, Hobbs to Grants, and Santa Rosa to Lordsburg are already volunteering to help on the campaign,” Dominic Gabello, Teague’s campaign manager, said in a statement. “New Mexicans in the 2nd congressional district want someone who is going to work hard for the people and communities they represent, and that’s what they have with Harry Teague.”

Teague’s campaign announced that he has over $1,170,000 in the bank, while Pearce’s campaign said they have over a million dollars in the bank.

Pearce held the seat from when he was elected in 2002 until he left the seat in an unsuccessful attempt at U.S. Senate in 2008.

Steve Pearce, left, and Harry Teague (Photos by Heath Haussamen)

When he recently announced his third-quarter fundraising totals, U.S. Rep. Harry Teague, D-N.M., was quick to point out that he had about $300,000 more cash on hand at the end of September than his challenger, former U.S. Rep. Steve Pearce, R-N.M.

Pearce, on the other hand, was quick to point out that he raised about twice as much as Teague from July to September – his first fundraising quarter in the race.

The reality is that both campaigns will be well funded in what’s expected to be one of the top U.S. House contests in the nation next year, political analyst Jose Z. Garcia told the Independent. Because of that, it’s important to not try to read too much into the fundraising numbers from one quarter, regardless of how either campaign spins them.

Both candidates have high name recognition and “exceptional capacities between now and a year from now to raise money,” Garcia said.

“If one of them falls a little bit behind in money, they’re going to race to their respective parties and have some more fundraisers, and the leadership of both parties are going to help them because it’s a critical race,” said Garcia, a Democrat and government professor at New Mexico State University. “Both of them are going to have lots and lots of money.”

Because of that, Garcia said the 2nd District race will be more about whose ideas resonate with voters than who has more money.

“People are going to be listening very carefully to Teague and his explanation of his votes, and Pearce and his criticism of those votes, so it’s going to boil down to who’s more persuasive,” he said.

Still, Garcia acknowledged that there is some interesting information in the candidates’ finance reports.

Teague, according to his report, had $257,248.93 in total receipts from July to September. That included $133,491.50 from individuals, $119,550 from political action committees and $4,200 transferred from a joint fundraising committee for all three Democratic U.S. House members from New Mexico.

Teague has been raising money for re-election all year, and he ended the quarter with $757,376.90 on hand.

Pearce, according to his report, had $507,865.06 in total receipts from July to September – his first fundraising quarter in the race. That included $452,395.06 from individuals and $55,450 from political committees.

Pearce ended the quarter with $459,612.80 on hand.

PAC contributions

In a news release, the Pearce campaign was quick to point out that 89 percent of Pearce’s fundraising during the quarter came from individual contributions, and 80 percent came from New Mexico residents. By contrast, the Pearce campaign said, about half of Teague’s contributions came from “Democrat colleagues and out-of-state special interest groups.”

“I am humbled by the outpouring of support I have received from New Mexicans who share my vision to create jobs and to put an end to reckless government spending,” Pearce said in the release.

Andrew Stone, spokesman for the Democratic Congressional Campaign Committee, had a different take.

“The fact that professional politician Steve Pearce was able to put together a good quarter is hardly a surprise,” he said. “After six years as a Washington insider, helping to create our current economic crisis by growing the federal debt by $2.3 trillion and developing a longstanding reputation for boundless hypocrisy, Pearce knew a few people he could call.”

Josh Geise, executive director of the Democratic Party of New Mexico, said Pearce shouldn’t criticize Teague for taking money from political committees and congressional leaders.

“Pearce’s accusations are a dog that just isn’t going to hunt. He’s accepted over $2.8 million in PAC and leadership contributions over the years, so he must not think they are that bad,” Geise said. “We’re not surprised by the political double talk from a career politician.”

Garcia said he doesn’t see Pearce’s attacking Teague for taking PAC money as “a very strong argument.”

“It’s purely a matter of the incumbency. When you’re an incumbent you can pick up the phone and call PACs and get money,” he said, adding that Pearce did it too when he was the incumbent.

The Las Cruces/Hobbs money

Also noteworthy: Teague raised more money than Pearce in Las Cruces, the most populous city in the district, but Pearce outraised Teague in Hobbs, the hometown of both candidates. Hobbs is the center of the oil and gas region on the east side of the district and critical to the 2nd District race, but Las Cruces has become a Democratic stronghold in recent years and has the potential to deliver a lot of votes.

The fact that Pearce was more successful during the quarter in the Hobbs area may not be a surprise. Many in the oil and gas industry are unhappy with Teague, whose support of controversial cap-and-trade legislation was instrumental in helping it pass.

“Harry Teague’s lackluster fundraising in Hobbs is yet another signal of the growing dissatisfaction with his performance in Washington,” Pearce spokesman Paul Ciaramitaro said. “The voters in his hometown don’t appreciate his support of job-killing policies and excessive government spending.  And many can’t stomach the way in which he’s faithfully served his liberal Democrat leaders like Nancy Pelosi.”

State Republican Party spokeswoman Janel Causey added this:

“It is a tough sell to ask New Mexicans to contribute to your campaign when you have just voted to increase their taxes,” she said.

As for Teague’s fundraising advantage in the Las Cruces area, Ciaramitaro said the Pearce campaign “has not yet begun our full fundraising push there,” having held “only one small donor event in Las Cruces that was a big success.”

The Democrats interviewed for this article didn’t specifically discuss the Las Cruces and Hobbs money. But Teague spokeswoman Sara Schreiber said of Teague’s overall fundraising that the congressman remains focused on “constituents that need help and people to represent.”

Still she said, “Congressman Teague has said that he is committed to raising the necessary resources to continue representing the people of the 2nd congressional district.  … As with many of the other achievements in his life, Congressman Teague has always done the work to get the job done. The 2010 election cycle will be no different.”

What analysts are saying

Stuart Rothenberg, editor of the Rothenberg Political Report, recently listed Teague as one of the Democratic House members who is “at greatest risk” of being defeated next year. And CQ Politics recently changed its analysis of the 2010 race from “Leans Democratic” to “Tossup.”

“Pearce’s $500,000 fundraising tally in the year’s third quarter just underscores what a slugfest the 2nd District race is shaping up to be ,” the CQ article states. “… Teague is working hard to prove that he is that rare breed of conservative-style Democrat who fits his Republican-leaning district, but the GOP is not going to make it easy.”

Garcia said Teague’s greatest strength is that, because he’s a Democrat and Democrats control Washington, “he has a better chance of bringing the bucks back home” – an argument that has historically resonated with voters in New Mexico.

Pearce, by contrast, is able to argue that he “is more in tune with the conservative vibrations in the district and can do a better job representing those conservative interests,” Garcia said. So Pearce can energize those who are upset with President Barack Obama, cap and trade and health-care reform.

The bottom line?

“I expect it to be a very close race,” Garcia said.

Harry Teague v. Steve Pearce kinda like George Foreman v. Muhammad Ali... politically speaking, that is?

This week’s announcement that Republican Steve Pearce will try to retake his old U.S. House seat from Democrat Harry Teague sets up what is certain to be one of the most hotly contested and high-profile House races in the nation next year.

This is a seat Republicans think they shouldn’t have lost in 2008 after holding it for 28 years. It’s a district John McCain won. So Republicans will pump a great deal of money into trying to take it back.

Democrats know they’re going to have to fight tooth and nail to keep the conservative district represented by a Democrat. They clearly have every intention of doing that.

The race pits two oilmen from Hobbs against each other in a district in which the oil and gas industry is king. Before running for the seat last year, Teague was long a supporter of Pearce — giving $1,000 to Pearce’s campaign in 2004 and $2,100 in 2006 (he also gave money to Pearce’s Democratic opponent in 2006). Pearce and Teague used to be friends, and Pearce’s family is close to the family of Teague’s wife.

But don’t let that lead you to believe the two candidates are all that similar. According to CQ Politics, Teague has voted with Democrats in the House 87 percent of the time, including his vote in favor of the massive stimulus bill. Pearce, during his time in Congress, voted over and over against funding bills, becoming a favorite of the libertarian wing of his party.

The race should be close. Teague is the incumbent, having defeated Republican Ed Tinsley by almost 12 points last year. But Pearce voluntarily gave up the seat for an unsuccessful run for U.S. Senate in 2008 after easily winning re-election in 2004 and 2006.

This is as much a clash of the titans as you can have in politics. And it will be nasty, regardless of the past history between the two candidates.

Either candidate can win.

An energy debate

While government spending will be an issue in the race, the primary debate will be over energy. We’re 16 months away from Election Day 2010, and the National Republican Congressional Committee has already come out with radio ads and robocalls attacking Teague for his recent vote in favor of a controversial cap-and-trade energy bill.

Around the district, Teague has faced crowds of angry constituents because many believe the legislation, if enacted, will harm southern New Mexico’s economy.

Even before Pearce entered the race, he and the state GOP attacked Teague in a news release, stating that he is “Voting like a San Francisco Liberal.” And when Pearce announced his candidacy, he cited as his motivation Teague’s votes on the cap-and-trade and stimulus bills.

“For the past half year, I have stood by and hoped for the best for our state and country. I had hoped Harry Teague would look out for the hard working people of New Mexico,” Pearce said. “Sadly, while I hoped for the best, Harry Teague embraced a reckless set of policies that directly jeopardize our economy and threatens future generations.”

Democrats have responded in force. The state Democratic Party sent an e-mail linking to a video in which a veterans group thanked Teague for voting for the cap-and-trade bill. State party Chairman Brian Colòn attacked Pearce as “nothing more than a return to the failed policies of the last two terms of the Bush administration.”

The Democratic Congressional Campaign Committee put out a news release about Pearce’s “legacy” of “rising debt and limitless hypocrisy.” And Teague trotted out T. Boone Pickens, a Texas oilman who is pushing alternative energy. Pickens lauded Teague as an “energy independence crusader.”

It’s going to be a wild ride

This is the level of attention the Albuquerque-area 1st Congressional District race usually receives. So far, it appears Democrats and Republicans in Washington instead have their sights set on the southern New Mexico district.

“You can be sure that the NRCC will be paying very close attention to the race, and will be joined by conservative groups and disgruntled Democrats who are outraged by Teague’s votes that are consistently out of sync with the interests of New Mexico’s 2nd district,” Rebecca Mark, an online strategist for the NRCC, wrote in an e-mail.

Teague spent about $1.5 million of his own money on the primary and general elections last year. The DCCC spent another $1.2 million to help him defeat Tinsley. Pearce, by contrast, has personal wealth but has never spent it on a race. Will he this time? His chances may depend on his willingness to match Teague’s spending.

Regardless, look for millions of dollars to be pumped into the Teague/Pearce race in the next 16 months by the national parties, other outside groups and at least by Teague. It’s going to be a wild ride.