by InvestorPlace Staff | June 26, 2012 5:33 pm
Facing an avalanche of super PAC money and Mitt Romney’s increasing ability to raise campaign funds, President Barack Obama is hitting back, warning supporters that he could be the first president outspent in a re-election campaign.
In an e-mail sent to supporters today, Obama sounded the fundraising alarm:
“”I will be the first president in modern history to be outspent in his re-election campaign, if things continue as they have so far. I’m not just talking about the super PACs and anonymous outside groups — I’m talking about the Romney campaign itself. Those outside groups just add even more to the underlying problem.”
Obama also added, “We can be outspent and still win — but we can’t be outspent 10 to 1 and still win.”
The problem Obama seems to be facing is that the majority of the donations he is taking in are from donors giving less than $1,000, while the majority of Romney’s donations have been $1,000 or greater.
Obama was thought to have a large edge in fundraising, given his stellar performance in 2008 and additional time for his campaign team to hone their tactics. The slow economic recovery seems to have taken some bite out of the Obama campaign’s fundraising, though. Romney’s campaign raised more funds in May than Obama’s, and the pro-Obama super PAC has lagged behind the Romney-supporting super PAC as well.
— Benjamin Nanamaker, InvestorPlace Money & Politics Editor
The opinions contained in this column are solely those of the writer.
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