Obama campaign burns through more money than it generated
Team Obama has $127 million at end of July; Team Romney has $186 million
"Team Romney," the political camp bound and determined to elect
Republican Mitt Romney to the presidency in 2012 has a lot to smile
about this month. After a highly active month of July both at Team
Romney and the committee to re-elect President Obama, the Romney camp
has $186 million. Team Obama currently only has $127 million in its
coffers, effectively burning through more money than it generated.
Mitt Romney has had the advantage of being flanked by an array of deep-pocketed 'super PACs' and nonprofit advocacy groups that are pumping tens of millions of dollars into the race on his behalf.
Three short months away from Election Day finds the Obama campaign and the Democratic National Committee already spending a half a billion dollars this cycle. In contrast, Romney and his affiliated GOP committees had spent about $350 million through the end of July.
Romney has had the advantage of being flanked by an array of deep-pocketed "super PACs" and nonprofit advocacy groups that are pumping tens of millions of dollars into the race on his behalf.
Money comes and goes as illustrated by the Obama campaign, as it raced through nearly $59 million last month, about the same as it spent in June, while raising $49 million.
The Obama camp spent nearly $39 million on television spots in July through GMMB, a Washington advertising and media placement firm, and $8.6 million on digital marketing through Bully Pulpit Interactive while another $4.3 million went to pay hundreds of campaign staffers.
The Romney campaign stayed in the black, raising $40 million while spending just under $33 million in July. Although the GOP candidate was outgunned on television by Obama, the pro-Romney super PAC Restore Our Future helped make up the difference, spending more than $8 million on ads touting his candidacy.
After raising a record $20.6 million in June with the help of mega-donor Sheldon Adelson, Restore Our Future brought in $7.4 million in contributions last month. The biggest donor to the Romney camp has been Houston home builder Bob Perry, who donated $2 million, bringing his total donations to the super PAC to $8 million.
The Renco Group, the holding company of billionaire GOP donor Ira Rennert, chipped in $1 million while he Larry H. Miller Group of Sandy, Utah, gave $787,000, bringing its total to nearly $1 million.
Another $350,000 came from the Miami-based United Capital Holdings Corp., a company controlled by members of the Poma family, wealthy Salvadoran entrepreneurs who were some of the first investors in Bain Capital, the private equity firm formerly run by Romney.
© 2012, Catholic Online. Distributed by NEWS CONSORTIUM.
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Pope Benedict XVI's Prayer Intentions for January 2013
General Intention: The Faith of Christians. That in this Year of Faith Christians may deepen their knowledge of the mystery of Christ and witness joyfully to the gift of faith in him.
Missionary Intention: Middle Eastern Christians. That the Christian communities of the Middle East, often discriminated against, may receive from the Holy Spirit the strength of fidelity and perseverance.
Keywords: Team Romney, Team Obama, fundraising
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