According to financial experts with a penchant for government spending, Mitt Romney and Barack Obama will between them pile up more campaign money than has ever been recorded in the history of US political fundraising. Having already managed to rake in a massive $750 million for his campaign in 2008, there’s a strong possibility that Obama alone could top the $1 billion mark for the first time.
Chances are the coming months will see every record in the book broken, according to leading financial authorities.
The fact that the race has been seriously narrowed will in all probability make it far easier for both parties to stack up funds. As of now, the potential candidates and those looking to make donations know exactly what they’re up against.
President Obama and his team are certainly heading in the right direction. An announcement over the past few days confirmed that the campaign had managed to drum up a further $53 million during the month of March, which brings estimated funding up to about the $130 million level when combined with the Democratic National Committee.
On the other side of the race, March saw funds totaling $12.6 million heading the way of the Romney brigade, but in terms of in-hand cash Obama’s rival has a comparatively paltry $10 million, or thereabouts.
Or to put it another way, Obama has the upper hand in terms of cash ten-times over.
Not that Romney isn’t winning over his fair share of donors, as over the course of the last year or so his party has taken in at least $87 million in donations and funds raised. Unfortunately, this has for the most part already been wiped out in the name of wiping out Romney’s opponents in the running.
Whichever way you look at it, Romney and his army really needs to start piling up the donations and fast.
That doesn’t mean the Romney campaign isn’t attracting donors. Over the past year, the campaign has raised $87 million in funds, but most of the haul was spent vanquishing primary opponents.
With Obama already far ahead, Romney needs to start stockpiling money.
The good news is that with his competitors largely taken care of, Romney can now focus on spearheading a new fundraising structure and calling upon his vast network of donors.
With challengers out of the way, the Romney campaign is free to put a new fundraising structure in place.
And if it begins to look like a case too close to call when a modest investment could tip one or the other over the edge, there’s nothing to stop Romney dipping into his own bank account and funding his own drive forward. After all, he might be looking to lead the average Joe of America to a brighter future, but with a good $264 million in his own private kitty, he himself couldn’t be further from the average.