Friday Sep 21, 201208:48 AM GMT
Obama raises more money than Romney for White House bid in Sep.
US President Barack Obama (R) and Republican presidential candidate Mitt Romney
US President Barack Obama (R) and Republican presidential candidate Mitt RomneyAs the US presidential and congressional elections draw near, partisan groups spending millions of dollars on political advertisements face a new challenge in keeping secret their list of donors.
US President Barack Obama (R) and Republican presidential candidate Mitt Romney
Fri Sep 21, 2012 8:44AM
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US President Barack Obama has raised more money than his Republican rival Mitt Romney for the costly American presidential race, with almost $89 million reported in the bank entering September.


Romney, meanwhile, reported having just over $50 million in his presidential campaign account at the end of August while owing $15 million on a $20 million loan that he received to finance his publicity efforts for the White House during the month, according to US press reports on Thursday.

The hefty sums of money, mostly raised and partially spent during the month of August, represent merely a small portion of what is being widely projected as yet the most expensive presidential race in the US history despite the persisting economic troubles and record-setting high unemployment rates in the country.

Reporting that the cost of 2012 US presidential, congressional and other local elections will set a new record, the Washington-based National Public Radio estimated earlier this month that $5.8 billion is being injected by major corporations and interest groups on big and small campaign funds in bids to win presidential, congressional as well as gubernatorial and other elective offices across the country.

Much of the money, according to the report, comes from superPACs, or Political Action Committees, as well as other wealthy outside groups free to spend as much funds as they want mostly on political advertisements and propaganda in support and against incumbent President Obama or Republican contender Romney.

The report goes on to quote US election experts as emphasizing that such large sums of hidden money injected into the vote process by corporate and union donors effectively makes the political race “more about the money than the merits of the candidate.”

“The large corporate and trade union donors aren’t interested in democracy but in a return in their investment,” the report said, quoting Sheila Krumholz of the Center for Responsive Politics.

While Romney raised nearly $67 million in August versus almost $85 million accumulated by Obama’s campaign, the $20 million loan increased Romney’s overall cash receipts to about $87 million, which is a little more than what his Democratic rival brought in.

Both presidential candidates spent nearly as much money as they raised during August. Romney reportedly spent about $66.4 million while Obama spent almost $83.7 million.

MFB/AZ

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