Obama Cashes In

Meanwhile, despite all the right-wing noise that Jewish donors are "abandoning Obama in droves" and that "Wall Street hates the President" and are now backing the GOP, President Obama's fundraising efforts in the second quarter of this year took in $86 million: more than double the entire GOP haul for April, May, and June.

President Obama's vast campaign operation raked in $86 million for his re-election and for the Democratic party during the last three months, breaking previous records with a total far greater than that posted by his Republican opponents for  the 2012 election.

Initially, the Obama campaign had set a goal of raising $60 million. Republican candidates combined are expected to raise less than $35 million this quarter.

The Obama amount points to the advantages of incumbency in fundraising, and to the staggering cost of the coming election, which this year will feature a new, powerful role for independent groups that can raise unlimited sums. This year, those groups could out-raise and outspend the parties and the candidates.

The dollar total for Obama this quarter, announced by his campaign manager in a video message to supporters this morning, reflects $47 million raised for the Obama for America presidential campaign and an additional $38 million raised jointly with the Democratic National Committee.

That is an important caveat to watch.  Advocacy groups, lobbyists, industry groups and PACs can give unlimited funds this time around, and that's where the real money will be raised and spent in 2012.  But to still outraise the entire GOP field by more than 2 to 1 is just staggering. 

Obama still has the fundraising chops, that's for sure.