President Barack Obama presided over 11 fundraisers in September, while Vice President Joe Biden conducted 12 and the first lady led four fundraisers of her own.
That’s a much faster fundraising pace than Obama’s predecessor, former President George W. Bush — who attended seven fundraisers in September 2003, the equivalent point in time during his first term in office — according to data collected by U.S. Naval Academy professor Brendan Doherty. Vice-President Dick Cheney held three events that month, according to press notices issued by Bush’s press aides.
But in those appearances, Obama raised only $42.8 million for his campaign, while Bush and Cheney raised the 2011 equivalent of $61.5 million for their 2004 campaign, even while Bush was operating under tighter campaign finance rules. (RELATED: Catch up on the latest 2012 election news)
Obama also raised $27.3 million for the Democratic National Committee last month, bringing that third-quarter haul to $70.1 million — far less than the $86 million he raised for his political party during the second quarter.
So far, Obama has raised $91.5 million for his campaign, not counting the additional DNC funds. Discounting inflation, that total is more than the $85.1 million raised by Bush raised through Sept. 30, 2003.
But Bush’s $85.1 million total was worth $105 million in inflation-adjusted 2011 dollars, according to the Bureau of Labor Statistics’s online inflation calculator.
Obama’s disappointing third quarter came even though he is scheduling more fundraisers. Back in April, Obama and Biden conducted a total of 11 fundraisers, versus 27 in September, according to the White House’s daily guidance reports.
Obama also hit the campaign trail for at least 10 days in September. He spent four days on a West Coast speech-and-fundraising tour through Seattle, Silicon Valley, Los Angeles and Denver. He also appeared in Ohio, North Carolina, Virginia, Michigan and New Jersey. He visited New York twice, once to give meet foreign leaders and give a speech at the U.N., and once for the 9/11 commemoration.
That’s busier than his April schedule, when he spent four days on a West Coast tour, but took four day-trips to Chicago, Philadelphia and New York, Maryland and Virginia.
Obama’s third-quarter revenues have stalled, in part, because his 2008 support among wealthy donors has declined. The decline was especially strong in New York’s financial district, which provided him with roughly 20 percent of his 2008 funds, according to a Reuters survey.
Finance-sector donors, however, may provide a very large share of his disappointed September take. In the second quarter, for example, financial-sector donors provided almost a third of his revenues, according to a July estimate by the D.C.-based Center for Responsive Politics.
By mid-August 2011, Obama had held a total of 127 fundraising events, according to Doherty.
During the same period of his presidency, Bush had held 88 fundraisers. In the second quarter of 2003, Bush raised $35 million in pre-inflation 2003 dollars for his campaign, and $50 million in the third-quarter. His fourth-quarter revenue, however, dipped to $47.5 million.
Bush also faced more restrictive campaign-finance rules than Obama.
Obama can raise a maximum of $2,500 from each individual for his primary campaign prior to the convention, and then another $2,500 during the general election season. In 2003, Bush could only raise a maximum of $2,300 during the primary race from each person.
Bush did not hold joint fundraisers with the Republican National Committee until 2004. In contrast, Obama’s joint DNC fundraisers help him raise more money because individuals can donate up to $38,500 in one evening. Donations above the $2,500 level can fit under several thresholds for individual donations to party committees.
Bush’s September 2003 fundraisers were held in diverse places — Indianapolis, Nashville, Fort Lauderdale, Jacksonville, Cincinnati, Chicago and Drexel HIll., Pa. But most of Obama’s fundraisers were held in D.C., New York or California. He held seven fundraisers during his West Coast trip, for example. Many fundraising trips were combined with presidential speeches or meetings with foreign leaders.
