Pearce still working toward decision on Senate

After hours of meetings on Tuesday, news broke that U.S. Rep. Steve Pearce, R-N.M., had put together a finance committee as he determines whether he can raise the money for a Senate run – a move that could indicate he’s gone beyond considering whether he wants to run and is now trying to make it happen.

Pearce’s plan at the start of Tuesday’s meetings, as I originally reported, was to decide whether he would run and make an announcement later in the day. As I reported late Tuesday, that changed when Pearce and staffers worked into the evening and Pearce still hadn’t made a decision. Apparently, there’s more work to be done. There’s a lot to consider.

It’s no secret that Pearce has long coveted one of New Mexico’s two U.S. Senate seats. But an unsuccessful run would also cost him his House seat and, if he helps finance his own campaign, some of his personal wealth.

Pearce is more conservative than U.S. Rep. Heather Wilson, R-N.M., and moderate Republicans are historically more likely to win statewide races. But moderate Republicans must first get through primaries, contests in which they are often at a disadvantage.

The weekend SurveyUSA poll that found Pearce to be significantly stronger statewide than Wilson in potential head-to-head contests against Democratic opponents had to be encouraging for Pearce’s camp. More polling is being done and, regardless of whether the public sees it, the results will be a factor in the coming days.

The money is critical. Wilson already has $750,000 in the bank and is putting together a budget in anticipation of spending more than $8 million on the primary and general election contests. Pearce has personal wealth of at least $5 million, and could use his own money to help finance his campaign. Would he? Will he find that he can raise the money he needs?

Time will tell. How much time? After yesterday’s situation, I’m not inclined to take a stab at that question until plans are set. The situation is too fluid.