Wednesday, June 20, 2012

NO SURPRISE: Obama Spends More Than He Raises as Aides See Romney Advantage - Bloomberg

REPORT: President Barack Obama spent more on his re-election effort last month than he raised, ending May with $109.7 million cash on hand, according to U.S. Federal Election Commission reports filed today. The $39.1 million his campaign took in was outpaced by $44.6 million it paid for television advertisements, employees, offices and other expenses, the reports show. The spending rate is a reversal from the past three months, when the campaign was taking in millions more than it was spending.

In a sign the campaign is intensifying, the $44.6 million that Obama’s re-election campaign spent in May is more than the $42.9 million he spent in the previous three months combined.

The reports were filed as Obama’s political advisers said in a briefing today that they expect Republican challenger Mitt Romney to have a money advantage as outside political action committees supporting the former Massachusetts governor pour as much as $1 billion into the race.

One such super-PAC, Restore Our Future, reported to the FEC today that it raised almost $5 million in May and had $8.4 million cash on hand as of the end of the month.

Together with his general-election partners, the Democratic National Committee and other groups, the May fundraising figure for Obama rises to $60 million, his campaign previously said.

Obama has now raised $261 million for his re-election campaign. At this point in 2008, he had raised $296 million.

Romney’s campaign previously said he and related groups raised $76.8 million last month.


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