When it was revealed last week in a report that the US presidential election would be costing a total amount of $6 billion, it was also noted that Republican presidential hopefulhad been outdoing incumbent President in donations and fundraising, an example of this being that the majority of donations coming from Wall Street were going towards Romney’s presidential campaign.
And now, according to the latest figures, Romney has again outraised Obama for the month of July, making it the third month in a row. According to figures, Romney’s presidential campaign was able to raise around $101 million in the month of July, while Barack Obama’s campaign raised far less, around $75 million, marking the third straight month that the Republican campaign had been outdoing the Democrats.
While opinion polls suggest that President Obama is still in the lead, ahead by 3.4 percent with 47.7 percent, while Romney is at 44.3 percent, it seems that towards the tail end of the election campaign, the Republicans are trying to pick up the pace, with this “outraising” possibly implying that President Obama could be the first sitting US President in history who has been outspent by a rival, even though for the 2008 presidential election, his campaign’s fundraising was unrivalled.
This presidential election, it seems that the real difference in fundraising stems from the US Supreme Court-approved Super Political Action Committees or Super PACs, which are independent fundraising groups that are allowed unrestricted spending. Republican Super PACs have consistently outperformed the Democrats so far.
According to figures, around 94 percent of contributions to Mitt Romney’s campaign were $250 or less, amounting to $25.7 million, while 98 percent of contributions were $250 or less for Barack Obama’s campaign, with the average contribution being $54. But it seems that the real difference in the Republican fundraising has been the type of donors, with figures showing that for the present sum raised, only 6 percent of the donors accounted for 75 percent of it, showing that some considerable sources of money were contributing to the Republican presidential campaign. Other figures suggested that as to cash on hand, the Republicans had around $186 million and though no figures for the Democrats were revealed, it is believed that they too have similar amounts, overall outraising the Republicans with an amount of $627 million compared to $495 million.