Despite being outspent, Romney and his allies raised more in June
(CBS News) The momentum regarding presidential campaign finances turned significantly in June as President Obama and a pro-Obama super PAC were outraised by Mitt Romney and the super PAC supporting him, even though Mr. Obama's side spent more last month.
According to Federal Election Commission reports filed Friday, Romney and the GOP's fundraising totals have put Mr. Obama at a financial disadvantage, a position he's not used to.
As CBS News reported in early July, Romney and a joint committee with the Republican National Committee outraised President Obama and the Democrats by $35 million in June, bringing in a total of $106 million.
Revealed in Friday's financial disclosures was the fact that an independent, pro-Romney political action committee, Restore Our Future, raised $20.7 million in June - a record monthly high for the group - outraising its Democratic counterpart, Priorities USA, which brought in $6 million, that group's monthly high as well.
But while the Romney side had a clear fundraising advantage in June, overall, Mr. Obama is still sitting on a lot more cash.
The Obama campaign had $97.5 million on hand as of June 30, even after spending nearly $57.7 million in June, heavily spending on TV advertising. The Romney campaign spent only $27.4 million and had $22.5 million banked as of the end of June. Keep in mind, Mr. Obama didn't have to spend money defeating opponents during a primary as Romney did, spending heavily through mid-April to secure his party's nomination.
Helping Romney bridge the gap between him and Obama is the relative strength of both the Republican National Committee and the super PAC Restore our Future. The RNC reported $89.4 million on hand compared to the Democratic National Committee's $37.5 million, while Restore our Future has $22 million banked as of June 30, compared to Priority USA's $3 million.
Restore Our Future's June fundraising haul included a $10 million donation by wealthy Las Vegas couple Sheldon and Miriam Adelson, who provided the majority of funding to a super PAC that supported Newt Gingrich's primary campaign.
Other wealthy Republican donors who have been fixtures this campaign season have also contributed, including Houston homebuilder Bob Perry, who donated $2 million, and Oxbow Corporation, a company connected to the wealthy Koch brothers, kicked in $1 million.
Priorities USA's notable contributors in June include actor Morgan Freeman, who donated $1 million, and Irwin Jacobs, co-founder of Qualcomm, who gave $2 million.
Another high-profile super PAC, American Crossroads, which is spending on behalf of many Republican candidates, including Romney, pulled only $5.7 million in June (it's best month so far) but reported having $33 million on hand. The group connected to former George W. Bush adviser Karl Rove was the recipient of $2 million from Houston homebuilder Bob Perry, who also gave to Restore our Future.
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