Today, let’s look deeper, examining the stronger cash-on-hand position that Obama has compared with Romney and how the president is outspending Romney overall.
To date, the Obama campaign has raised $255,162,109, while the Romney campaign has raised $121,023,126. Advantage: Obama, ahead by $134,138,983. The Obama campaign has spent $147,747,393, with Romney’s campaign spending $104,036,499. Advantage: Again Obama, by $43,710,894. And Obama’s cash-on-hand advantage is huge — Obama has $109,718,115 on hand, Romney has $16,999,666. That gives Obama a 6 to 1 advantage over Romney, with over $92.7 million more in cash-on-hand! With four months left, that is a powerful position. Carter’s post today refers to the important feature of “liquidity” in campaign accounts. Nothing illustrates liquidity better than cash-on-hand.
Obama’s May fundraising numbers may have been what sparked his Air Force One phone call to donors. Obama’s campaign and the DNC combined raised $59.8 million in the month of May, approximately $17 million less than Romney’s campaign and the RNC, who raised $76.8 million total. And Obama did end May with a deficit for the month — but that’s because his campaign outspent the Romney campaign. Obama spent $69 million in May. Romney spent $15.6 million, over 4 to 1.
Even adding in the “liquid” Super PAC money that Carter refers to does not strip away Obama’s money advantages. According to the Center for Responsive Politics, in May (campaign weeks 21-25), Obama Super PACs spent approximately $3.94 million and Romney Super PACs spent $7.34 million. That gives Romney the lead in Super PAC spending by about $3.4 million, but still means that Obama outspent Romney by about $50 million in May.
No matter what Obama says, he is not being outspent by Romney. I’m still looking for hard numbers for union money to Obama and Super PACs for both candidates at this point; and I’m not counting pledges that appear in the media because they are just that, unconfirmed media accounts of money Romney might get. I have yet to find any mention of union money that has been pledged for Obama in the mainstream media. If anybody sees a credible account of this, please send it in.