Obama still fundraising even after taking in hundreds of millions
[cnn-photo-caption image= http://i2.cdn.turner.com/cnn/2008/images/11/18/art.bolookup1118.gi.jpg caption="Money donated to support Obama's campaign can't be used for the transition or the inauguration so President-elect Obama is still fundraising."]
(CNN) - After raising a staggering amount of money for the general election, President-elect Barack Obama must now rake in more cash for his transition and inauguration.
There is about $9.74 million of taxpayer funds available to pay for the transition, but experts say that's not enough.
To make up the difference, past presidents have turned to private money and corporate cash.
Obama's transition team, however, is taking pains to keep lobbyists out of his transition and forgo corporate cash.
John Podesta, the co-chair of Obama's transition team, has vowed to make this "the most open and transparent transition in history," but Obama has not explicitly outlined his intentions for the inauguration.
The transition team said an announcement will be made next week on how the event will be funded.
The Obama team will have to balance how to raise enough money without contradicting Obama's tough talk during the campaign against lobbyists.
"I really do hope Obama sticks by his principles and does not accept corporate money, does not accept money from lobbyists, and places a very, very low ceiling on the amount of money he'd accept from individuals to pay for his inauguration," said Craig Holman, a legislative representative for Public Citizen.
Public Citizen is a national nonprofit organization that says it advocates for consumer interests in Congress and openness and democratic accountability in government.
The group says companies sometimes contribute cash to the inauguration in order to buy influence.
President Bush raised a record $42.8 million for his second inauguration, and according to Public Citizen, more than 90 percent of donations to that ceremony were from executives or corporations.
Bush limited corporate donations to $250,000 each in order to avoid any potential conflicts of interest.
Obama could decide to accept corporate donations for the inauguration, but may impose tighter limits.
"I think past presidents have had to raise lots of private money to do these things. And I think he's actually got a good resource base of donors that are willing and probably will give money for both the transition effort, but also the inaugural campaign as well," said David Lewis, a professor of political science at Vanderbilt University and author of "The Politics of Presidential Appointments."
Even without corporate cash, the Obama fundraising machine has been a force. Nearly half of the record $639 million that his campaign raised during the primaries and general election came in the form of donations of $200 or less.
As of mid-October, the Obama campaign had spent about $594 million, but any money left over from the general election cannot go toward the transition.
The president-elect could return that money to contributors, donate it to charity, form a political action committee or contribute to other candidates, PACs or party committees, as long as he stayed within the federal contribution limits.
Obama could also hold on to the money and use it for a future federal campaign, like a re-election bid.
The public will get a better idea of exactly how much cash is on hand when the next reports are filed with the Federal Election Commission on December 4.
Let's see $10 x 75 million supporters = One nice celebration, heck the Obama Family could purchase a dog that walks upright and talks like the dog on the Family Guy.
Forgive me, my meds just kicked in
9.74 million is not enough for a party!? Where do I get an invitation to this one!!! Who needs to feed the poor anyway. Well at least it's not from the taxpayers, we will be donating enough to those poor banking and automotive executives anyway.
ON 1/21/09, OBAMA CAN NOLONGER DUCK ISSUES AND BE AMBIGUIOUS, ITS EITHER THE FAME OR THE BLAME HIS FATE IS IN HIS AND UNSEEN AS YET HANDS.....
"Bush limited corporate donations to $250,000 each in order to avoid any potential conflicts of interest." WHAT??!!! Somehow a donation of "only" $250,000 avoids influence and conflict-of-interest??? This statment on Bush's policy typifies the level of moronic self-justification and utter delusion that were working in the Bush administration. What a long walk in the dark the last 8 years have been for this country. If an outsider had done the damage to this country that Bush has done, we WOULD be going to war. People who voted for Bush should be voted out of the human race.
Perhaps before you donate anything, we find out exactly how many lobbyists are on his transition team. According to Campbell Brown, there seems to be quite a few.
I would gladly contribute again for this chance at "HOPE" for a change. I have not been this hopeful since JFK was elected. I am 64 and a white, blue collar, femal from PA and I am so amazed that our Country has come far enough to elect an African American and that Pres. Elect Obama and his family were brave enough to run. God Bless the Obama family and Gold Bless America.
wow you socialist really know how to hurt a guy. What a screwed up four years this will be. I've seen nothing that convinces me of his birthplace only more hiding. By the way crazy woman are you one of the ones that will stay home and hope this man is going to spread the wealth to you.
Pat Pa said "no lobbyists wanted" I wonder if Pat has seen His transition team.
Sorry Obama i'm broke, but I will love a little help with a bail out plan.
Poor little Barack, he's too dumb to realize that he's being played by the DNC power structure. Hillary wasn't even offered the job of Secretary of State, but now, with the help of the Clinton press, she's "accepted." This will lead to a third Clinton term with Bill and Hillary stealing his thunder and pushing him off center stage.
Hillary knows exactly what she's doing. It sort of forces Obama's hand. But the question is, is he strong enough to say that no job offer was made and pick someone else for the job.
Also, his "benefactor" George Soros is now making policy for the DNC. Poor Barry, he's just to naive to realize he's nothing but a puppet!
I'm on board. I will donate.
I donated
I gave as much as I could afford to the Obama campaign and was glad to do it. However, I feel it would be appropriate in these hard times to scale down the cost of the inaugural celebration. If corporations have extra money to donate, let them spend it putting people back to work. That would be the way to truly honor the presidency of Barack Obama.
Ihave came this far with obama no stopping now FOR RICK LAY OFF HANNITY AND LIMBAUGH ALREADY THEIR FRYING YOUR BRAIN!
Hey Rick November 18th, 2008 11:39 am ET,
OBAMAS REAL BIRTH PLACE WILL BE COVERED UP JUST LIKE THE PEOPLE HE SPENT TIME WITH IN THE PAST.
THE OBAMA SUPPORTERS AND MEDIA LOVE OBAMA AND BELIEVE HE IS AN AMERICAN CITIZEN.
THE DEMS ARE TO POWERFUL AND THEIR IS NOTHING WE CAN DO TO CHANGE IT!!!!!!!!!!!!
I JUST HOPE WE CAN LIVE THROUGH IT!!!!!!!
Ill Donate cause i want to help the DNC and i want our President-Elect to be safe and have a wonderful and memorable event for all to see.
Rick – Most of us HAVE moved on. You keep spewing the debunked lies spread throughout the campaign. Please get help. You've become rather obsessive about a lie.
Rick
Are you related to that poor clueless woman who told McCain that Barack Obama is an Arab!
The mind is a terrible thing to waste Rick, you should try using yours for something more than a hat rack!!!!
God Bless You
Dx
More than $300 Million gone?? Down the toilet??
Now they're asking for more to fund the inauguration??
And people lining up to pay??
This sets a fine precedent for fiscal responsibility.
But, like PT Barnum said, you can full all of the people some of the time, some of the people all of the time, but if you fool enough of them into giving you enough $$$, you can become POTUS!
(well, okay, I made the last part of that up)
OBAMA REALLY DOES HAVE PLANS FOR CHANGE BUT THE AMERICAN PEOPLE DON'T REALIZE WHAT CHANGE HES REALLY TALKING ABOUT!!!!!!!!!!
Some of you people are so funny. It's like you sit around waiting for any morsel so you can pounce on Obama and proclaim him the worst president since, well, GWB. Obama's not even the President yet, in case you weren't aware of that. How about check back in a year and give us your opinions then.
I would be honored to contribute to this special President.
I'm sure he will fund the transition with online contributions from donors using prepaid gift cards and made up names, just like he did his campaign.
To think this guy will be president. Frightening!
@Rick. Where is your birth certificate? Get a life.
JUST LIKE A DEM. GREED .