Election 2012: Obama campaign at a financial advantage over Romney’s

U.S. President Barack Obama speaks on the economy at Florida Atlantic University, April 10, 2012. PHOTO/Marc Serota/Getty Images

Presumptive Republican nominee Mitt Romney collected US$12.6 million in March in what the campaign described yesterday as “strong fundraising,” but he remains at a financial disadvantage against President Barack Obama.

The Romney campaign said it has now raised a total of US$87 million in primary funds, has US$10 million in cash on hand and no debt, and that March was the most successful fundraising month of the campaign.

It notably added that Romney, a multimillionaire former venture capitalist and investor, has not made any personal contributions to his campaign.

“Mitt Romney’s continued strong fundraising shows that voters across the country are tired of the failures from President Obama,” Romney for President finance chairman Spencer Zwick said in a statement.

“We will continue the hard work to raise the necessary funds to defeat President Obama and change the direction of the country.”

Obama currently has a distinct fundraising edge. In March he hauled in US$53 million for his re-election effort.

Obama’s fundraising clip, which translates to a US$1.7 million average daily take over the month for his campaign account and the Democratic National Committee, reflects the quickening pace of the race to the November 6 election.

The Romney campaign, which has spent more than US$66 million in its bruising state-by-state primary battles, is now turning its focus to the general election and beginning to work with the Republican National Committee, which will allow donors to contribute larger amounts for the presidential race.

Copyright 2012 AFP