Major donors supporting President Barack Obama and Republican challenger Mitt Romney spent millions of dollars last month to get their candidate elected, but new financial filings released Wednesday show that outside political groups helping Romney are reaping a growing share of that fundraising largess.
The new disclosures posted late Wednesday night by American Crossroads, a Republican super PAC formed by veteran strategist Karl Rove to help GOP causes show it and its affiliate Crossroads GPS reaped $4.6 million in May. That will aid Romney, as will a separate $8 million boost announced earlier in the day from another super PAC, Restore Our Future.
Both multimillion-dollar totals are impressive boosts from a month earlier and signs that GOP political committees are widening the financial gap over their struggling Democratic Party rivals.
The calculus raises the specter that Obama, who broke fundraising records four years ago by hauling in $750 million, may be the first incumbent president to be out-raised by his opponent. Super PACs can raise and spend unlimited amounts of cash but can't coordinate their efforts with the candidates they support.
Both Obama and Romney's national campaigns also showed strong fundraising hauls in May. Romney's campaign joined with the Republican Party to raise more than $76 million last month, outpacing Obama and the Democrats' $60 million haul during the same period.
But the GOP-supportive "super" political committees — operating under relaxed campaign-finance regulations — are expected to bring in more than $1 billion this election, according to an Associated Press review of past campaign spending data and fundraising projections. That includes cash that outside groups have spent on expensive advertising critical of Obama.
Restore Our Future has raised $64 million so far, and spent more than $55 million to defeat Romney's opponents during the GOP primary, and it plans high-dollar financial aid from both Romney supporters and his former opponents' donors.
Indeed, the latest financial filings for one of the top pro-Romney PAC shows that while he was consolidating his position as the GOP favorite, backers of some of his opponents were shifting their financial allegiance to his cause — even as some of his loyal super PAC backers dug deeper to bankroll the committee's operations.
The biggest contributions to Restore Our Future came from a trio of firms linked to a Houston-based businessman who previously backed a super PAC supporting Romney rival Texas Gov. Rick Perry. The disclosures show that three companies based at the same post office box office in Dayton, Ohio, each gave $333,333 to the pro-Romney super PAC. Corporation records show the firms are headed by Houston businessman Robert Brockman.
Although super PACs are required to divulge major donors, loose disclosure rules allow contributors to withhold their names and mask their donations by setting up corporations to maintain their anonymity. One of Restore Our Future's early donors, Edward Conard, masked a $1 million contribution last year behind an unknown company, W Spann LLC, until public pressure forced him to acknowledge his name and affiliation with Romney's former private equity firm, Bain Capital.
Meanwhile, Obama's campaign reported $109.7 million in the bank at the end of May but spent more than it took in during the same period. The campaign collected $39.1 million and spent $44.5 million during the month. The Democratic Party, meanwhile, had $29.6 million cash on hand at end of the month, raising about $20 million during the period and spending $14.6 million.
A super PAC working in Obama's favor, Priorities USA Action, reported raising $4 million last month. The group said their contributions in May marked its best fundraising month so far, while calling its financial support a sign of the PAC's growing momentum.
Even with outside financial strength, Romney is taking few chances at being outspent by his opponent. His campaign is hosting a retreat in Utah this weekend for contributors who raised tens of thousands of dollars for his campaign. GOP heavyweights like former Florida Gov. Jeb Bush and former Secretary of State Condoleezza Rice are expected to attend.
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