Our democracy has definitely been bought and sold, as Republican presidential candidates and their new “super” political action committees are growing more powerful than the campaigns they support.
STORY: The 411 On The Young Money Cash Money Super PACs
Mitt Romney’s Super PAC “Restore Our Future” and the Newt Gingrich-supportive “Winning Our Future” have raised a combined $18 million last month and spent nearly $24 million during that same period.
The thing is, their supportive super PACs have raised more money and have more cash left in the bank than the candidates’ own campaigns.
With all the money rolling in the deep, it allows the groups to splash the airwaves in key primary states with millions of dollars in TV ads.
According to the Associated Press, Restore Our Future, which had $16 million cash on hand, has been boosted by more than two dozen repeat donors.
Winning Our Future, which had $2.4 million in the bank, is largely supported by casino mogul Sheldon Adelson and his wife.
Meanwhile, Romney raised $6.5 million last month and had $7.7 million left over for his presidential bid, while Gingrich’s presidential campaign raised $5.5 million during the same period and had about $1.8 million in cash remaining.
The super PACs, as well as other groups supporting candidates and their individual campaigns, were required to disclose how much they raised and the identities of their donors in reports filed with the Federal Election Commission by midnight Monday.
So where does President Barack Obama fit into the Super PAC debate?
Obama’s campaign reportedly raised a combined $29.1 million in January among the campaign, the Democratic National Committee and other joint fundraising committees.
The major super PAC backing Obama, Priorities USA Action, only raised $58,000 last month – mostly from a $50,000 contribution by Chicago businessman John Rogers – underscoring why Obama encouraged his supporters recently to give to the super PAC.
The rise of Super PACs was made possible under a 2010 Supreme Court ruling in the Citizens United case. The super PACs must legally remain independent from the candidates they support, but many are staffed with former campaign aides who have intimate knowledge of the campaigns’ strategies.
The money train continues to pull into the station of wealthy Republican candidates and the green is flowing!
