President Obama ended March with a 10:1 cash advantage over Mitt Romney, powered largely by a dominant edge with small donors, a dynamic that’s cropped up throughout the campaign.
Obama’s campaign raised about $35 million in March 2012, leaving it with $104 million cash on hand. They raised an additional $18.7 million in March for a separate joint fund with the DNC. Romney raised $12.6 million in March and has $10 million cash on hand.
Breaking things down by itemized donors, who have contributed over $200 total, and unitemized donors, who have contributed under $200 total, the difference is striking. Obama raised $18.9 million his total from itemized donors, versus $15.8 million from unitemized, smaller, donors. For Romney, $10.9 million came from itemized donors, versus a paltry $1.6 million unitemized donors. That means roughly 87% of Romney’s total came from donors above $200.
Romney is likely to see a bump in his overall donations from large donors and grassroots alike as he assumes the mantle of presumptive Republican nominee, but his inability to attract a wide array of smaller donors is a point of concern. This disparity has been a recurring problem for Romney, especially as a significant portion of his total fundraising last year came from donors who had given the maximum amount legally allowed and could no longer be counted on for direct help. The campaign went out of its way in announcing the latest numbers to point out that 89% of its donors so far haven’t maxed out and are still eligible to donate more, even if the aggregate amounts of money raised are still heavily reliant on max spenders.
Fortunately for Romney, his biggest supporters will have many more options for helping him out beyond a max donation this cycle. Thanks to the post-Citizens United system, independent groups, including a Super PAC dedicated to electing him, Restore Our Future, can raise unlimited funds from wealthy donors. And they’re having plenty of success so far. The largest such group, the Karl Rove-connected American Crossroads, says it has raised $49 million over the last three months. Meanwhile, Priorities USA, a Democratic Super PAC dedicated to re-electing Obama, announced raising just $4.5 million in the same period.
