Mitt Romney and GOP Raised $101 Million in July

Most expensive Presidential election in history? Absolutely.

According to the FEC (Federal Election Commission), Mitt Romney and the Republicans raised more money than President Obama and the Democrats for the third month in a row.

According to the FEC, Mitt Romney and the Republicans raised $101 million in July, while Barack Obama and the Democrats raised $75 million.

Not only did Romney and the Republican Party raise more money in July, but they also had significantly more cash on hand by the end of the month. Mitt Romney, the Republican National Committee and the Victory Fund had $186 million in cash as of the end of July, while President Obama, the Democratic National Committee and their joint funds had $127 million remaining at the end of the month.

Obama for America had a total of $87,747,677.61 in cash on hand at the end of July, while Romney for President Inc. had roughly $30.1 million on hand to close out the month. Romney for President Inc. brought in $40,329,413.16 in total receipts in July and spent a little over $32.6 million, while Obama for America brought in $49,167,908.64 during the month of July and spent $58,956,970.12.

The Republican National Committee raised $37.7 million in July, while the Democratic National Committee raised $8.8 million. As of the end of July, the RNC had nearly $89 million in total cash on hand, while the DNC had just $15.7 million.

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While the Republicans were trying to figure out who would be their nominee for President, Barack Obama and the Democrats were raising and spending large amounts of cash. So, while the Republicans are gaining momentum when it comes to raising funds, President Obama and his campaign have been spending heavily for months as the Republicans have been figuring out who would be their nominee for President. This is one of the reasons why the incumbent's advantage is so powerful.

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Two things look to be certain at this point:

1) Mitt Romney, like Barack Obama, will be a fund-raising machine

2) This will be the most expensive Presidential election in history

Source: FEC.gov

Filed under: General Knowledge