Despite June spending, Obama has $97.5M in bank

President Obama speaks during a fundraising event, July 17, 2012, in San Antonio. / AP Photo/Eric Gay

(AP) WASHINGTON - President Barack Obama's presidential campaign spent more than it raised in June, illustrating both the fierce pace of campaigning during the month and his slightly weaker fundraising position, finance reports filed Friday show.

In a month when Obama was trying to answer a heavy barrage of advertising by outside "super" political groups supporting Republican rival Mitt Romney, his campaign spent $38.2 million buying television advertising time. Romney spent less than a third of that — $10.4 million — on TV time.

At the same time, Romney's campaign nearly doubled its spending in June compared to the previous month, underscoring the close proximity of the November general election in which Republicans hope to unseat Obama and, in part, dismantle the president's signature health care overhaul.

Much of Romney's financial advantage — he raised $106 million last month with the help of the Republican Party — came from larger donations in a handful of battleground states. Those included Florida, where the Romney Victory Fund pulled in about $4.4 million in individual contributions, records show.

Competing fiercely to keep the presidency, Obama reported more than $46 million in June and total spending of $58 million. The campaign, however, also listed more than $97.5 million in the bank going into July, and the Democratic Party reported $37.5 million in the bank.

Romney, during the same period, reported receipts of $33 million and spending of $27.5 million for June. The challenger's cash on hand was almost a mirror image of Obama's and the DNC's, as Romney reported $22.5 million in the bank and the Republican National Committee said it had $89.4 million.

All told, June was the second consecutive month in which Romney surpassed Obama in fundraising. Romney's money advantage prompted Obama's campaign advisers to publicly warn the president could lose the election if the financial disparity continued earlier this month.

Romney retains a vast advantage overall when super PACs working in the former Massachusetts governor's favor are factored in. Groups like American Crossroads and Restore Our Future have already spent tens of millions of dollars on pricey television ads to either attack Obama or specifically promote Romney's candidacy.

Wealthy, repeat donors are helping independent Republican groups maintain their financial strength. They include casino mogul Sheldon Adelson and his wife, Miriam, who donated a combined $10 million last month; and Texas homebuilder Bob Perry, one of the largest GOP super PAC donors, who gave another $2 million on June 1.

For Obama's part, a handful of super PACs helping his re-election pulled in a combined $25 million in June. Those contributions included a $1 million contribution to Priorities USA Action from actor Morgan Freeman, who joined a list of Hollywood figures like Steven Spielberg helping Obama secure a second term.

Beyond the dollar amounts, the president's campaign released an updated list of big-dollar fundraisers, known as "bundlers," who have collected at least $50,000 toward his re-election. Obama named 638 bundlers, adding 106 more to his total earlier this year. Romney does not list his bundlers, even though he has received repeated calls during the campaign to release them.

Both candidates enjoyed a wide swath of contributions from all 50 states and the District of Columbia, although Romney's financial reports listed higher dollar amounts in key battleground states like Florida, Michigan and New Hampshire. Meanwhile, Obama tends to receive more contributions dollar-wise from donors who give less than $200; such small amounts do not have to be reported to the Federal Election Commission.

[tatersalad868]

Interesting, Obama is spending twice what Romney is when a major issue is that the government is spending too much, and is still having no effect in the polls. This is just like his stimulus package he promised would keep unemployment rates under 8%. A figure they have not been below since he spent the money.

[realtimecoffee]

by gadfly65 July 21, 2012 1:49 PM EDT
Republicans are masters of duplicity
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Worth s bump. Axelrod ain't bad either.

[realtimecoffee]

by Kalameredith July 20, 2012 11:48 PM EDT
It's all about the campaign funds for Obama. He doesn't care if you have any money or a job.
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He is the guy that wants you to send him your wedding gifts. Doesn't get much more selfish than that. Raise your hand if your vote is for sale.

[CaptainSmollett]

In a speech following the Colorado tragedy, Obama said "we are united as one American family." Stunning words from the most divisive president ever. Sadly, Obama has done everything possible to divide this nation along racial, gender, ethnic, and class lines, for his own political gain. What absolute hypocracy!

[hypnotoad72]

Wasn't there another thread where you said the same thing?

Still, we'll repeat our responses in kind - Obama, time and again, has compromised. If you recall from last decade, the previous president kept saying "you are with us or against us".

[realtimecoffee]

President Obama has not done everything possible to divide this nation, he IS the divide. He's the guy with the big desk and we line up on one side or the other and pretend it matters. Before him it was Presidents Bush, Clinton, Bush, Reagan... The reason this election is as close as it is is because there is very little discernable difference between the two dominant parties. People are passionate in a battle where only the logos change. The worst thing about being in a rut is that ruts aren't a great place to be.

[phwtb100]

All I want to know is how much of that $97.5 MILLION came from the insurance companies. You know they have to be donating millions just as a thank you to Obama for making them even more rich.

[55minus5]

Why do you need to know that? Gotta do something?

[hypnotoad72]

theshark82 -

And you cons are disingenuous.

[The Invisible Hand]

"Competing fiercely to keep the presidency, Obama reported more than $46 million in June and total spending of $58 million."

And we are surprised our nation keeps going further and further in debt?

Now compare a spending what you do not have strategy to spend some of what you have strategy...

"Romney, during the same period, reported receipts of $33 million and spending of $27.5 million for June."


There is a difference in this election and it is up to the voters to decide.

Thanks for reading and commenting.

[hypnotoad72]

Maybe we should ask Boehner, Cantor, and McConnell, since they seem to be loud about spending:

http://thinkprogress.org/politics/2011/04/14/158424/republican-leaders-debt-limit-hypocrisy/

while forgetting

http://www.ontheissues.org/senate/mitch_mcconnell.htm#Corporations

"Voted NO on repealing tax subsidy for companies which move US jobs offshore. (Mar 2005)"

Obama voted 'YES' to repeal that anti-free market corporate welfare handout trash, which a lot of conservatives (or "cons" for short) seem to forget)

and not to forget this patriot as well:

http://www.salon.com/news/politics/war_room/2011/06/27/eric_cantor_conflict_of_interest/index.html

Or this one:

http://www.salon.com/news/opinion/joe_conason/2009/03/27/deficits

[PowerToThePeople1]

The New York Times/CBS News poll released Thursday shows Romney with a 45-43 percent lead

Maddiekat is just mad. Guess they didn't just make it up. That just makes you ignorant, oh yeah, that's the Obama follower trademark.

[hypnotoad72]

Of a poll involving, what, 1000 people?

Polls are meaningless unless EVERYONE is counted.

[gerhardiii]

Political campaign ad money is the Biggest waste of Money Period...

[Kalameredith]

It's all about the campaign funds for Obama. He doesn't care if you have any money or a job.

[hypnotoad72]

And Romney does?

http://www.popscreen.com/v/62Q3x/Romney-says-he%E2%80%99s-not-looking-to-put-money-in-peoples-pockets

Now consider some context:

http://www.realitybase.org/journal/2009/3/10/the-american-dream-died-in-february-1973.html


http://motherjones.com/kevin-drum/2010/01/vicious-cycle-stagnant-wages

[bobnjersey]

[Despite June spending, Obama has $97.5M in bank]
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yea ... that's about my situation too.

[SpeakPeace]

That's Campaign Money, dude...don't just read the title and crap out your mouth

[bobnjersey]

[That's Campaign Money, dude...don't just read the title and crap out your mouth]
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when you're done pulling that long stick out of your azz ... you should look up the meaning of 'sarcasm' ... dude!