Sarah Palin's political action committee filed its fundraising records with the Federal Election Committee, and it shows that SarahPAC raised $1.65 million, spent $1.6 million, and has $1.4 million cash on hand. She can't spend any of it on a presidential campaign, but nonetheless the filing "is a litmus test for her fundraising ability," National Journal's Lindsey Boerma writes. And so far, that fundraising has been "startlingly low." What other little details can we glean from SarahPAC's filing?

• Burning a Hole in Her Pocket Politico's Maggie Haberman observes that Palin's "burn rate for the six months appears to have been almost 100 percent, meaning she spent almost what she raised. She doesn't appear to be refueling her coffers with fundraisers, or using the PAC to build an infrastructure. ... [H]er filing doesn't give much indication that she is as yet working toward a campaign."
• Timing Is Everything By filing the SarahPAC records Thursday, she's showing that she's "she’s competing with other Republican presidential candidates, who have to submit their second quarter fund-raising reports to the Federal Election Commission on Friday," The Wall Street Journal's Danny Yadron reports. Palin's PAC paperwork isn't due till July 31.
• Expensive Bus Tour ABC News' Sheila Marikar reports Palin spent almost $14,000 to decorate the outside of bus she took on a tour of the East Coast last month, a trip that sparked much speculation that she's running for president after all. The "bus wrap" featured the Liberty Bell and Palin's signature. Other nifty expenditures listed include $683 for bookmarks from a Nashville store, $5,400 to an Anchorage firm for scheduling, $10,000 to conservative author and foreign policy adviser Peter Schweizer, and $5,800 to Sar-El Tours and Travel for a "Tour of the Holy Land" in Israel.

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Elspeth Reeve