Obama rakes in campaign cash

Will Rahn Senior Editor
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The re-election campaign of President Barack Obama and the Democratic National Committee are on track to net $60 million for the fourth quarter of the year, Reuters reports.

Obama had already raised roughly $155 million through September in an effort to raise more than $750 million for next November’s election.

“Enthusiasm for the White House‘s policies has been steadily increasing and it will keep increasing,” major Democratic fundraiser Steven Cohen told the news service.

According to Cohen, the GOP’s bungled handling of the payroll tax fight is inspiring contributors to give more to Obama’s re-election campaign.

“Among the people who I have talked to, they are seeing a real demonstration of the president’s commitment to stand his ground,” he said.

The campaign had hoped to bring in $55 million last quarter. Instead they raised $70 million, even though last summer’s debt ceiling fight had forced President Obama to stay in Washington and cancel fundraisers in other parts of the country.

The 2012 election is already on its way to becoming the most expensive in history, with Obama expected to raise more than the record $750 million he had in the bank in 2008. Former Massachusetts Gov. Mitt Romney, among the front-runners for the GOP nomination, is expected to raise at least $20 million this quarter.

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