Pace and Hunt report: "At the end of August, President Barack Obama had about $88.8 million to spend on the final months of the campaign, nearly twice as much as Republican rival Mitt Romney."

Obama is surging in the polls and has almost twice as much money to spend than Mitt Romney. (photo: AP)

Obama Has More Campaign Money to Spend Than Romney

By Julie Pace, Kasie Hunt, Associated Press

20 September 12

t the end of August, President Barack Obama had about $88.8 million to spend on the final months of the campaign, nearly twice as much as Republican rival Mitt Romney, according to campaign fundraising reports released Thursday.

While Romney's report showed he had $50.4 million to spend as of Aug. 31, he also owed $15 million on a $20 million loan taken that month.

The loan helped Romney pay for mailings, staff salaries and TV advertising - and it helped his finances appear healthier on paper. It also boosted his cash-on-hand total from $35.4 million - a number that's closer to a third of Obama's haul.

While Romney raised about $66.6 million in August to Obama's $84.7 million, the $20 million loan boosts Romney's total receipts to $86.6 million, slightly higher than his Democratic opponent's take.

Both Romney and Obama spent about as much as they raised during the month of August. Romney spent about $66.4 million, while Obama spent about $83.7 million.

Romney and the Republican Party raised more than $111 million combined. That was less than Obama and the Democrats, who raised more than $114 million.

Romney took out a $20 million loan in late August, in the days before his campaign had access to funds they had raised for the general election because he was not yet the official nominee. He used general election money as collateral for the loan.

The new report shows he paid back $5 million before the end of August. The campaign said it had paid back an additional $4 million in September, although that data won't be publicly recorded until next month.

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+14 # ER444 2012-09-21 12:09

$$$$$$s vs.ideas... Bucks vs.Policy... Cash vs. solutions... Moolah vs. principles...gr eenbacks vs. solidarity ... etc. etc. etc. And here we are only talking about "official" money, that is the money that the parties are "allowed" to collect and spend. The Pacs are another story!! How for god's sake can a third party ever, ever, ever compete in such a system awash in special interest "filth"???!!! The answer is, it CANNOT. Democracy in the USA is stuck in a dead end street and until the financing of public campaings is restricted to "public financing" there is no hope to dig the American political system out of the dead end street and put it on course onto the modern political highway.

+14 # AndreM5 2012-09-21 15:00

It seems that few want to contribute to such a poorly run campaign. R-money can't run a campaign but he wants to run the USA?

The donors would rather do it themselves by pouring money into their own Super PACS. Why give your ca$h to Willard?

I see in the news today where R-money used his campaign's loan to pay big bonuses to his incompetent political staff. Hey, that's just the way Bain Capital used to do it! Load up the firm with debt, pay out big fees and bonuses to yourself and your buddies, then bail.

+10 # Kayjay 2012-09-21 17:40

ER444 is right in pointing out the evils of cash in today's fake democracy. It really is very sad that he who has the most cash wins office. I hope to see the day, when the final two candidates are locked into an equally financed amount. We will then see how they can manage that money to the best effect. No more cash cows like the Kochs, Super PACS... etc. No more lies..... Get the obscene money out of democracy.

-12 # tigerlille 2012-09-21 21:43

Man, I am sick of those whining Obama campaign e-mails I keep getting, claiming that they are being outspent. Where is all the money coming from? Certainly not me. Once fooled, twice shy.

+10 # trevorlasvegas 2012-09-22 01:42

Why would somebody with so much money BORROW for his campaign? Oh, that's right. It's his business model. Acquire something and run it into the ground with borrowed money and leave with the loot. What more do I need to understand?

+2 # Billy Bob 2012-09-22 09:36

Obama's campaign definitely DOES NOT have more money than Upper Class Twit. Upper Class Twit doesn't have enough faith in his own campaign to even LOAN it some of his own money. He spent $40 million on his campaign in 2008. He hasn't spent a dime of his own money to fund this campaign.

He has over $250 million.

EVEN TWIT DOESN'T THINK HE'S WORTH A CONTRIBUTION.

+1 # chrisconnolly 2012-09-22 10:12

Where the hundred million is going is to the super pacs. Their outrageous claims are being spewed everywhere over and over. Yeah, great business model, borrow and wine and dine, then claim bankruptcy. It seems like Bush used our treasury to do the same thing.

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