President Barack Obama outspent John McCain in 2008 and plans to smother the Republicans in 2012 again with money.
His campaign set a goal of $1 billion in 2012, and in spite of his low approval rating and the bad economy, he continues to be a prodigious fundraiser for himself and the DNC.
He reported $70 million raised in the second quarter of the year and more than $50 million over the summer. And, they claim a part of the money came in online and mail-in gifts from more than a half a million donors giving them $250 or less.
But upwards of half come from the well reported, high-profile events that get people’s attention with $5,000 for a seat, $10,000 for a picture and $30,000 plus for some face time.
Obama benefits from a very disciplined fundraising effort, his incumbency and the lack of competition for funds from political rivals. Media reported Obama held 127 events through August of the President’s first term compared to 88 for G.W. Bush during the same period and 76 for Bill Clinton.
Can money make up for the loss of voter approval and enthusiasm? If the race is close, Obama believes the answer is yes.
White House Dossier: Obama raised at least $70 million last quarter
USA Today: Obama outpaces fundraising activity of predecessors
Politico: Why Dems are winning money war
New York Times: Small donors are slow to return to the Obama fold
White House Dossier: Obama fundraising suffers huge drop-off