Obama reports more than $86 million in combined fundraising for campaign, Democr

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Obama reports more than $86 million in combined fundraising for campaign,

Democratic party

By Ken , The Associated Press | The Canadian Press – 17 minutes ago

WASHINGTON - President Barack Obama collected $86 million combined for his

re-election campaign and the Democratic party during the past three months,

giving him a large fundraising advantage over the Republican field seeking to

challenge him in 2012.

Obama campaign manager Jim Messina said in a video posted early Wednesday that

it raised more than $47 million and the Democratic National Committee brought in

more than $38 million through the end of June. Obama's team had set a public

goal of $60 million combined.

As expected, the fundraising totals outpace Republicans, who have collectively

raised about $35 million so far, although some candidates have yet to release

their results. At the same time in 2007, 10 Republican presidential hopefuls had

raised more than $118 million, according to the Center for Responsive Politics.

Fundraising totals are often seen as a gauge of excitement about a candidate,

and the money in Obama's coffers will help build a foundation for all-important

advertising and get-out-the-vote efforts in next year's election.

Obama's advisers are anticipating a stiff challenge from Republicans amid rocky

economic conditions. Obama has acknowledged he will need to re-energize

supporters who were inspired by his message of hope and change three years ago

but may be discouraged by the economy and the pace of change.

Former Massachusetts Gov. Mitt Romney leads the Republican field in fundraising,

pulling in more than $18 million during the past three months. An independent

fundraising group supporting Romney's presidential bid has raised $12 million

this year.

Following Romney, former Minnesota Gov. Tim Pawlenty collected $4.2 million and

former U.S.envoy to China Jon Huntsman brought in $4.1 million, with about half

coming from his personal wealth. Minnesota Rep. Michele Bachmann, a conservatove

tea party favourite, has not yet released her fundraising totals.

" We have reason to be proud of what we've built so far but it's going to get

tougher from here, " Messina said in the video, estimating outside spending by

Republican groups could exceed $500 million.

American Crossroads, founded by Karl Rove, a former adviser to President

W. Bush, and Americans For Prosperity, founded by billionaire oil brothers

and Koch, spent heavily in the 2010 elections and have pledged to invest

millions in 2012 to defeat Obama. Several Democratic groups have formed to

compete with the conservative groups, including Priorities USA, which was

founded by former Obama White House aides Sweeney and Bill Burton. Their

group has set a goal of raising $100 million for the campaign.

Republicans vowed to compete with Obama next year and said economic conditions

would outweigh any fundraising edge.

" With the economy in the tank, the president can't win re-election, " said Reince

Priebus, chairman of the Republican National Committee.