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Democrats outpace GOP in May fundraising

Is Obama-mania over?

June 16, 201108:02
/ Source: The Associated Press

The Democratic National Committee raised $10.5 million in May, outpacing its Republican counterpart for the month and generating more money for a joint fund with President Barack Obama's campaign.

The Republican National Committee said Monday that it raised $6.2 million in May.

The fundraising totals offer a window into the Obama campaign's financial efforts since the money includes proceeds from the Obama Victory Fund, a joint fundraising account by the DNC and Obama's re-election campaign. Obama's campaign has set a goal of raising $60 million through the end of June for the president's re-election effort and the joint fund. Obama is expected to surpass the $750 million that he raised in 2008.

Is Obama-mania over?

June 16, 201108:02

Democratic Party officials said their fundraising totals included $6.5 million for the Obama Victory Fund. Obama held fundraisers in Austin, Texas; Boston and Washington during the month. In April, the victory fund collected about $7 million during Obama's first month as a candidate for re-election.

Obama is headlining several fundraisers before the June 30 deadline for the fundraising quarter, including events this week in Washington and New York.

Through the end of May, the DNC said it had $16.5 million cash on hand, compared with $6.1 million for the RNC. The DNC had $13.5 million in debt compared with $18.5 million in debt for the RNC.

RNC chairman Reince Priebus has focused on improving the party's balance sheets after taking over for former chairman Michael Steele in January. RNC officials estimate that they inherited $24 million in debt when Priebus started as chairman and officials said they reduced their debt by a half-million dollars in May.