Same-Sex Marriage Endorsement Worth $9M to Obama

by InvestorPlace Staff | July 4, 2012 6:01 pm

[1]President Barack Obama’s May announcement that he supports legalizing same-sex marriage[2] earned him a lot of political capital with gay rights groups and criticism from some conservative organizations. Perhaps more importantly, it helped him bolster his campaign coffers[3].

According to a report by NPR[4], in the three days following his endorsement of gay marriage, his campaign donations almost tripled. He pulled in $9 million over those three days, compared to $3.4 million for the prior three days.

This figure doesn’t even factor in donations of $200 or less, which are not required to be documented in the Federal Election Commission reports the figures were pulled from.

While that enthusiasm is likely unsustainable into November, it was a silver lining in the cloud that was his May fundraising figures. Without that money, Obama might have fallen even further behind Romney[5] in fundraising.

— Benjamin Nanamaker, InvestorPlace Money & Politics Editor

The opinions contained in this column are solely those of the writer.

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