WASHINGTON — Mitt Romney’s presidential campaign had $25.7 million left in the bank days after the November 6 election that ended months of relentless fund-raising in the most expensive race in US history, new campaign finance disclosures showed yesterday.
President Barack Obama, a Democrat, defeated the Republican candidate following a campaign that cost more than $2 billion overall.
Obama’s re-election effort had $14.2 million left as of November 26, according to the Federal Election Commission disclosures.
Leftover campaign cash is common and often goes to the national party or other candidates.
The Romney campaign yesterday said every raised dollar had gone toward Romney’s run and that it “continues to process invoices for pre-election expenses.”
It expected to have less than $1 million by the end of the year.
“It is not uncommon. It is of course a great risk,” said Sheila Krumholz, executive director of the Centre for Responsive Politics that tracks campaign finance. “As a loser you want to make sure you’ve given it your all.”
Obama and Romney both spent much of their campaign cash on voter outreach and especially advertising. But the Democrat and his “Super PAC” backers at Priorities USA Action, an unlimited-spending group, held an early advertising game advantage.
Obama’s campaign dominated the airwaves, booking the increasingly expensive spots earlier and at the lowest price.
The “super” political action committee, which was legally barred from coordinating with the campaign, ran a series of aggressive ads about Romney’s private equity past that portrayed him as a corporate raider.
The damaging ads, as well as negative press surrounding Romney’s disparaging “47 per cent” comment about Americans relying on government funds, contributed to the candidate’s defeat. (Reuters)