Obama fundraising shows hundred million dollar war chest
April 20th, 2012
05:09 PM ET
10 years ago

Obama fundraising shows hundred million dollar war chest

(CNN) – President Barack Obama's re-election team increased their war chest by roughly $20 million in March, bringing the incumbent Democrat's cash on hand funds to just over $104 million, more than ten times the amount his likely Republican challenger Mitt Romney declared in federal filings Friday.

The financial disclosure from Obama's campaign comes after the announcement Monday his team had raised $53 million in the month of March, an increase of $8 million from the month before. $35 million was raised by Obama's campaign, and the remainder was brought in by the Democratic National Committee.

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In filings with the Federal Election Commission on Friday, Obama for America also recorded spending over $15.5 million in March. Romney's campaign filings show the GOP candidate's organization spent $10.3 million.

The money raised goes to the Obama Victory Fund, which is divided between the Obama re-election campaign, the Democratic National Committee and affiliated committees. Obama broke all records by raising nearly $750 million during his 2008 campaign for the presidency.

Earlier Friday, Romney announced he had raised $12.6 million in primary funds in March, bringing the total amount of primary funds raised by the Republican candidate over the past year to $87 million.

Romney's campaign noted they have $10.1 million cash on hand, and that the former Massachusetts governor, who has an estimated net worth of $190 million, had not made any personal loans to his campaign.

In their release, the Romney campaign said that 84% of all donations received through the end of last month were $250 or less. Monday the Obama campaign announced that 97% of their donations in March were for $250 or less.

Donations made to Romney's campaign in March came amid major shifts in the race for the 2012 GOP nomination. Romney entered the month in a fierce competition for delegates with former Pennsylvania Sen. Rick Santorum. After winning contests on Super Tuesday, as well as taking Illinois' primary on March 20, Romney emerged as the candidate most likely to clinch the GOP nomination.

Santorum ended his presidential bid April 10. Filings for the month of April, which will be filed with the FEC in mid-May, will better reflect a general election contest between Romney and Obama.

Also see:

Romney releases March fundraising figures

Paul campaign touts campaign cash

RNC looks to Facebook for political edge

Biden says Democrats have chance in Arizona

Filed under: 2012 • Fundraising • Mitt Romney • President Obama
soundoff (220 Responses)
  1. vowelmovement

    Haw Haw Haw – today's New York Times reports that:

    Obama Sees Steep Dropoff in Cash From Major Donors
    The traditional big sources of campaign funds are not delivering for President Obama's campaign as they did four years ago, leaving the president to rely much more on grass-roots support.

    CNN is truly an appendage of the Obama Propagandga Grist Mill

    April 21, 2012 11:33 am at 11:33 am |
  2. vowelmovement

    Cayman conveniently forgets Obama's 12 billionaire buddies

    April 21, 2012 11:34 am at 11:34 am |
  3. vowelmovement

    and in today's New York Times:

    Obama Sees Steep Dropoff in Cash From Major Donors
    The traditional big sources of campaign funds are not delivering for President Obama's campaign as they did four years ago, leaving the president to rely much more on grass-roots support.

    April 21, 2012 11:35 am at 11:35 am |
  4. ThinkAgain

    @al jones: "Obama has an estimated bank balance ten times...10 X....what Romney has."

    If your figures are true (please cite your sources), President Obama's reelection campaign has millions of dollars because of a huge percentage of small donations from average Americans. Contrast this to Repub folks like Gingrinch who gets all his dough from Adelson; Robmey who gets all of his from Crossroads GPS and other Koch brothers front organizations; and Sanitorium who also had a wealthy benefactor.

    BTW, this is NOT President Obama's personal money, unlike Robmey, who is worth Lord knows how much because he's got a huge amount hidden in Swiss and Cayman Island bank accounts.

    Obama/Biden 2012

    April 21, 2012 11:45 am at 11:45 am |
  5. Gurgyl

    GOP is sad, dens need for this nation. Yes, Obama.

    April 21, 2012 11:55 am at 11:55 am |
  6. sandiegobeachbum

    Our system of electing the President is so dysfunctional. Obama is spending half his time trying to raise $$ and get reelected. He has a job to do. I realize it's not just Democrats who have done this in the past but we seem to hear more about Obama's fund raising trips than any of his other impoortant responsibilities. I am starting to think a President should have one six year term and then adios. The amount of money that will be spent by Obama and Romney is absolutely ridiculous to say the least. I am very disappointed in the entire process and am unimpressed with any of our current "leaders", and I use that term very loosely.

    April 21, 2012 11:59 am at 11:59 am |
  7. Gary, Hunt Valley, Md.

    Until the campaign finance game has its rules drastically changed, the obscenity that is our current system will continue to be a mockery in the face of the powerless American public, which is left to choose between candidates who are beholden to the special interests that bought off our government a long time ago. And until the rules are drastically changed - enough of this bogus argument that equates BIG money with "free speech" - the voters will get shafted, and all candidates will be forced to play by the rules that ultimately insure their corruption at the expense of America.

    April 21, 2012 12:00 pm at 12:00 pm |
  8. math224

    I don't like flip flopping

    April 21, 2012 12:08 pm at 12:08 pm |
  9. Publius Novus

    I'm clad to hear it and it sounds like a lot of money. But it's peanuts compared to the Republican super-PAC money. Crossroads GPS alone has raised $100 million, all ow which will be used in negative ads agains the President and other Dems.

    April 21, 2012 12:11 pm at 12:11 pm |
  10. Canuck

    Is it just me or does anyone think its obscene how much money is being spent to elect a President???

    April 21, 2012 12:13 pm at 12:13 pm |
  11. zago

    Gov. Romney is a Mormon. As a Mormon priest he used to baptized the dead: A practice very common in VOODOO. I am a Christian, and frankly I am scared of any type of SORCERER.

    April 21, 2012 12:13 pm at 12:13 pm |
  12. GI Joe

    Remember the Death Panels?

    The republicans ARE the death panels. Get rid of social security, healthcare, medicare, medicaid. What happens. All but the wealthiest die. (And they keep the money we've paid into those programs all our lives - pretty good trick, huh?)

    April 21, 2012 12:25 pm at 12:25 pm |
  13. Saboth

    I believe it's my patriotic duty to give money to Obama. Anything to prevent Republicans from getting their hands on the country again and causing another multi-trillion dollar financial meltdown and getting us into multi-trillion dollar wars. And that's not even to mention their biblical mission to ostracize gays and women. Everyone talks about the deficit under Obama, but they don't mention he was just paying GW and the Republican's bills after they skipped out of the restaurant after eating.

    April 21, 2012 12:26 pm at 12:26 pm |
  14. GOP is for the rich

    CEOs do not create jobs! They only collect their outrageous bonuses! The UNION foremen fill out requests and send to middle management and THERE is where the hiring is done! CEOs only cut jobs when they see profit falling!

    April 21, 2012 12:33 pm at 12:33 pm |
  15. GOP is for the rich

    Rmoney (not a spelling error) is an axe man.....he has cut millions more jobs than he created!

    April 21, 2012 12:35 pm at 12:35 pm |
  16. skyler

    Just gave another $50 to the Obama reelection campaign. Reason wins. Go Obama.

    April 21, 2012 12:38 pm at 12:38 pm |
  17. GI Joe

    Romney has said what he will cut - in secret meetings with wealthy donors

    Why won't he tell us? Too many secrets. Too much hidden from the people. I'll tell you what he'll cut - Healthcare, Social Security, Medicare, Medicaid, Money for poor kids to eat. on and on and on. DEATH to elderly and poor.

    He WILL give tax cuts and subsiidies to big corporations (that create jobs in China, India, etc.).

    Make a choice.

    April 21, 2012 12:40 pm at 12:40 pm |
  18. intruth23

    Vowel, Obamas super PAC raised about $2.6 million dollars last month compared to Romney' who raised about $6.5 million. He is not taht far off from Romney. However the Obama reelection committee raised early $53 million in March compared to $12 million by Romney in March. And this from grass roots efforts. I'd say that is a significant. Why? because average people number more votes than Billionares and millionares. Millionares are the ones holdig up Romney. So take the New York Times article in perspective and realize that Obama is wipe the floor with Romney.

    April 21, 2012 12:48 pm at 12:48 pm |
  19. RudyG

    Well, he SHOULD have a lot of money – all he's done really well for the past 4 years is fundraising for his campaigns!

    April 21, 2012 12:51 pm at 12:51 pm |
  20. Anonymous

    @vowelmovement – statement below is taken directly from the NYT article you reference:

    "And with no primary to fight, Mr. Obama is spending much less than he was at this stage in 2008: He had about twice as much money in the bank at the end of March than he did four years ago."

    And, yet ..... President Obama is STILL managing to bring in 10 – 1 more than Etch A Sketch can only dream of bringing in, no matter which campaign - 2008 or 2010 - numbers are being cited.

    April 21, 2012 01:08 pm at 1:08 pm |
  21. Ann

    Does it mean the one with more money will 'buy' the election? because this was the word in the GOP primaries.

    April 21, 2012 01:12 pm at 1:12 pm |
  22. ThinkAgain

    @pjoe: "My main problem with the President is his big-government approach and his disregard for the debt and governmental waste and fraud. I will have to vote against him because of this ... we must reduce the size of government, we cannot afford it."

    We can't cut our way to a balanced budget, and if we don't continue to invest in our country, we're toast. President Obama's budget DOES contain cuts; it also contains raising taxes on those who can most afford it. They've been enjoying the lowest tax rates in 50 years and despite their promises of creating jobs with that extra money, they haven't delivered.

    Here's how I see it: Our house was built in 1986 (we've owned it for 17 years). The original shake roof needed replacing after 20 years; we waited until it was 23 years old because, as any homeowner knows, roofs are expensive.

    But you know what? We knew that even though we'd go into debt to do it, we replaced the roof (from shake to a 50-year composite) because we accepted that, in the long run, we needed to protect our investment and it was worth going into debt for. Yes, we've cut back where we can to save money and I now work part-time, in addition to be a full-time mom.

    That's what our nation is facing: Yes, we've got debt, but if we don't do what needs to be done (invest in education, infrastructure, basic scientific research, etc.), our roof will collapse and then what will be have? A much, much bigger problem.

    As a nation, we've cut back – and it's time for the wealthy (62% of whom WANT to do it) to pay their fair share – it's the least they can do for the country that has given them so much.

    Obama/Biden 2012

    April 21, 2012 01:21 pm at 1:21 pm |
  23. John

    Why does someone who has been President for four years need so much money to convince people he should keep his job? Just show them what you've done the last four years and run on your record Obama. If you did a good job, you should keep it. It you have to spend hundreds of millions of dollars to convice people you've done a good job, you probably haven't and it's time to go.

    April 21, 2012 01:25 pm at 1:25 pm |
  24. John

    I'm not voting for Obama because I can't take another four years of do-nothing politics while the President whines about everything being George Bush's fault. Leaders aren't supposed to look back ALL the time. How will they ever know where they're going?

    April 21, 2012 01:27 pm at 1:27 pm |
  25. DEMNO

    Business men/women are "buying" administration approval in the back doors ... billions of taxpayer go thru the back doors to the rich in exchange for million campaign contribution .... or the rich will pay $5,000-$10,000 per sit for their relative/friends, secreatary , kids , or even maids, drivers...

    April 21, 2012 02:07 pm at 2:07 pm |
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