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Fundraising and Super PAC spending has taken over the Presidential election.
Mitt Romney is pulling in support from all types these days. Small donors, big donors and outside interests are all coming out in support of the GOP candidate. In the process, President Obama, renowned for his fundraising ability during the 2008 race, is being severely out paced.
In June alone, Romney raised a staggering $106 million to Obama’s $71 million. This marks the second month in a row that Romney raised substantially more than Obama, hitting a “new record for Republican presidential candidates”, according to NPR’s S.V. Date.
Between Romney’s regular funding and Super PAC support he is sitting on a huge advantage today and almost certainly at the end of the campaign.
American Crossroads, the pro-GOP Super PAC, just announced a $40 million TV ad buy in at least ten states for the fall. This is on top of the $39.8 million in TV ads they’ve already purchased for the period between Labor Day and election day in key battleground states. According to the National Journal, between September 4 and November 5, American Crossroads has purchased more than $10 million in advertising in Florida; more than $7 million in Ohio; nearly as much in Virginia; more than $3 million in Colorado; $4 million in North Carolina; $3 million in Iowa; and more than $2 million each in New Hampshire and Nevada.
These figures don’t include the $25 million ad campaign targeting Obama on economic growth that the Karl Rove backed advocacy group Crossroad GPS has recently launched. Not to mention that massive buys that we can be sure will continue to roll in.
Romney supporting Super PACs are no stranger to making big ad buys to overwhelm opponents. They successfully employed this approach during the primary season, running negative ads around the clock in key states. With a new opponent, they could be poised to do the same to Obama over the next few months.
The tremendous amount of money that is being funneled into the Romney campaign and used to target Obama is increasingly important in light of the polls. We have a very tight race on our hands. In an election like this, money could make all the difference in close swing state races and the GOP knows it.
Obama is fully aware that he’s vulnerable in the fundraising department. In a series of emails sent to supporters, key members of his staff and even the President himself have declared that they are going to be outraised and outspent. Continuing with his legacy of targeting small donors, Obama’s campaign is asking for even just $3. But it doesn’t look like this approach is working.
In just a single weekend, Romney hosted a series of fundraisers in the Hamptons, charging up to $50,000 a head, and is expected to have raised $4 million.
Some members of the 99% made their way out to the Hamptons to tell Romney what they think about him and his financial backers. They flew a banner reading “Mitt Romney Has A Koch Problem” outside the event at the billionaire’s home.
But their efforts made largely no difference except for garnering some press attention. Romney continues to stay on course to raise $800 million, far more than it looks like Obama will be able to pull in.
The money that Romney has been able to raise is huge by anyone’s standards. If you add to that pot the money coming in from key Republican Super PACs, Romney definitively has the advantage heading into the election.
I have argued it before and I will do so again: money has become the critical factor in US elections. Romney’s campaign is case in point. He’s currently in an advantageous position because of the contributions and, with no signs of slowing down, money could end up deciding the election in key battleground states.
