From The New York Times:
By Nicholas Confessore and Derek Willis | Published: July 20, 2012
President Obama outspent Mitt Romney 2 to 1 in June even as Mr. Romney far outraised him, according to campaign reports filed on Friday with the Federal Election Commission, leaving Mr. Obama and the Democratic Party with significantly less cash on hand than Mr. Romney and the Republicans as polls show a head-to-head race.
Mr. Obama and the Democratic National Committee spent $70.8 million in June, including about $38 million on television advertising, as the president’s campaign sought to batter Mr. Romney over his ties to Bain Capital, the private equity firm.
Mr. Romney and the Republican National Committee spent $38.8 million, including about $11 million on television advertising — more than double what Mr. Romney’s campaign spent in May but far less than Mr. Obama.
But because money raised for the election cannot be spent until after the two parties hold their nominating conventions at the end of the summer, Mr. Obama appears to have far more money available to spend in the critical weeks ahead, when each candidate seeks to define the other.
In other words, President Obama is able to spend more before the conventions, due to federal election laws, than is former Governor Romney, because the President had no (serious) primary opposition. This seems to your Editor like a wholly unbalanced law, which enables incumbents a window in which they can exercise an unfair advantage over challengers.
But, that said, as the Times noted, the race is a dead heat right now, according to the polls, and this is after the President’s campaign dramatically outspent the Romney campaign in a media blitz trying to capitalize — pun intended — on Mr Romney’s role at Bain. As noted here, that campaign strategy hasn’t seemed to have worked all that well. Perhaps this has been just wasted money by the Obama campaign, or perhaps the President would be far behind without such expenditures; no one can know what would have happened without them.
President Obama’s campaign spent $38 million on ads and $58 million overall in June, while Romney’s campaign spent less than half that and continue to build up its reserves for the fall campaign.
Obama’s campaign raised $46 million in June, including a $17 million transfer from a joint fundraising committee with the Democratic National Committee, but it spent $58 million and saw its cash on hand fall to $97.5 million.
That $97.5 million figure is far more than Romney’s official campaign had at the end of June: $22.5 million. But the Romney effort is stashing huge reserves in its joint fundraising committee — nearly $58 million — and the Republican National Committee has nearly $90 million on hand, meaning that between the three, the Romney effort has about $170 million in cash.
Obama, meanwhile, doesn’t have such large cash reserves in his joint committee or the DNC. His joint committee has just $9 million, and the DNC’s June report showed $37.5 million cash on hand. (Read More)
Wow, it seems Obama’s about a good a steward of his campaign money as he is of taxpayer funds.
Expect to hear the liberals cry about “money in politics” because the only money they like in politics is money in the hands of Democrats.
Karen’s point is well-taken: our friends on the left certainly didn’t complain when Senator Barack Hussein Obama (D-IL) broke his promise to remain within the public financing system in 2008, after he decided that he could significantly outraise and outspend Senator John McCain (R-AZ) in the general election campaign. The campaign button on the left will take you to the Romney campaign website, where you can make a donation to help President Obama to get a four-year-head start on his presidential memoirs. Your Editor has already made one donation to the campaign, and will be donating more.
The election is still 3½ months away, and anything can happen, but this is good news.