Friday, July 15, 2011

Obama re-election campaign raises record sums from the wealthy

By Patrick Martin, wsws.org, July 15, 2011

Proving that President Obama is the first choice of Wall Street and the American super-rich, his reelection campaign announced Wednesday that it had broken all previous records for fundraising, raking in $86 million during the second quarter of this year.
The $86 million total dwarfed the previous record for presidential reelection fundraising, the $50 million raised by George W. Bush in the third quarter of 2003. It was far above the $60 million target set by Obama’s campaign manager, Jim Messina.

Obama for America, the official name of the reelection effort, raised $47 million, while the Democratic National Committee collected $38 million, largely from fundraising events featuring the president, where big donors are allowed to give up to $30,800 apiece. Individual donations to Obama for America are limited under federal election laws to a maximum of $5,000.

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