US Prez campaign fundraising surpasses $ 2bn mark
Washington: This year's US presidential campaign fundraising has surpassed the staggering two billion dollar mark, as US President Barck Obama and rival Mitt Romney enter their final sprint to Election Day on November 6, according to a report.
According to accounting statements submitted to the US Government, at 2 billion dollars, this election is on track to becoming the ‘costliest’ in history, fueled by a campaign finance system vastly altered by the proliferation of "super" political committees that are bankrolling a barrage of TV ads in the 7 battleground states.
This year marked the first time that both major party candidates opted out from the public financing system established to set limits on how much a presidential candidate can raise and spend.
Obama and Romney had brought in more than 1.5 billion dollars through the end of September, according to previous fundraising reports submitted before the final pre-election accounting statements, Fox News reports.
According to the report, the emergence of super Political Action Committees (PACs) and other outside groups has done more than anything else to reshape the contours of presidential campaign fundraising.
The largest of those were two pro-Romney groups: American Crossroads, a Republican-leaning super PAC with ties to former President George W. Bush''s longtime political counselor Karl Rove, that raised at least 68 million dollars through September; and Restore Our Future, founded by former Romney aides, that has raised 110 million dollars so far.
On the other hand, Priorities USA, a pro-Obama group founded by two former aides to the president, raised about 50 million dollars through last month, the report said.
With the 2012 election so tight, both Obama and Romney have spent considerable time at high-dollar fundraising events courting wealthy donors, it added.