Last week, I praised Mike McGavick for tapping local GOPers to run his senate campaign, while I bitched out Maria Cantwell for doing the opposite—relying on D.C. staffers and consultants to run her shop.

I followed up that report with the latest polling numbers, showing that McGavick had climbed from 13 points behind Cantwell to eight points behind.

However, turnabout is fair play: So, let me ding the McGavick campaign for a second here. It took a costly round of TV ads for McGavick to chip away at Cantwell’s lead—a super expensive strategy. To wit: Earlier this week both candidates filed their most recent quarterly campaign finance reports. McGavick boasted he raised a stunning $1.2million in the last quarter. Here’s the problem, though. He spent all of it—and more.

According to his previous report—filed last December—McGavick had $955K cash on-hand. According to the new report, he’s got $896K on hand. That means, despite raising $1.2m, he’s got $59K less than he had four months ago. In other words, he’s spending it faster than he’s raising it. That’s a sucky place to be this far out from election day.

In comparison: Cantwell raised $1.82 million this quarter ($600K more than McGavick); and, unlike McGavick, she has more cash on hand than she did going into the quarter: $5.67m Vs. $5.58m.