As Obama Burns Through Cash, New Questions Arise About His Strategy
In May, President Obama had to dip into his campaign cash reserves for the first time in order to finance his massive and very expensive re-election effort.
Despite an unprecedented number of fundraisers by the president and a campaign organization constantly working to grind out $3 or $5 contributions from supporters online, Obama started May with $115 million in the bank, but ended with $110 million. He took in $39 million, but spent $44.6 million.
That’s still a tremendous amount of money, but Obama now faces the reality that Republican Mitt Romney is catching up fast. Romney and the Republican National Committee brought in almost $77 million in May, far outstripping the $60 million combined for Obama and his party. The RNC now boasts $61 million in cash reserves. That’s not $110 million, but it’s getting closer.