His cash advantage threatened, President Barack Obama and his party are redoubling their fundraising efforts after robust hauls by Republican rival Mitt Romney and a slew of GOP-leaning super PACs that are raking in cash from the party faithful highly motivated to topple the Democrat.
Obama still has a significant edge, but it’s shrinking rapidly.That explains why the president, fresh off of back-to-back international summits, was plunging back into his re-election race Wednesday with a series of fundraising events in Denver and California’s Silicon Valley as he looks to stockpile cash to pay for his coast-to-coast organization, advertising to spread his message and get-out-the-vote operations in key states.
It’s the start of an extensive money push by Obama in the coming weeks that will feature a series of high-end fundraisers, including New York events with former President Bill Clinton and actress Sarah Jessica Parker and a Los Angeles trip to raise money among gay and lesbian supporters. Smaller-dollar pushes also are under way.
Obama, a record-shattering fundraiser four years ago, has a built-in fundraising advantage as the incumbent and still has a wide money lead over Romney, the challenger who only recently combined fundraising efforts with the Republican National Committee after a bruising – and expensive – primary.