Obama Halo Might Be Tarnished, But His Coffers Are Not

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The line on Barack Obama this election cycle is that he's not the hero of yore, but, in addition to having the magic touch when it comes to child care, Obama's not doing too poorly in the fund-raising department. Reuters reports that Obama is on track to possibly surpass $1 billion in campaign funds this election cycle, compared with the $750 million he raked in during his successful bid in '08. Despite the media focus on the GOP field, Democrats, thanks largely to the Obama money, outpaced Republicans' efforts during May, with $10.5 million compared to $6.2 million. The sitting president's party traditionally has an advantage, but Republicans are still trying to make up for Michael Steele, who "spent little time raising money and alienated some donors with a series of gaffes" and left the RNC with $24 million in debt. Obama started early, but with good cause, as one campaign-finance-reform lobbyist explains: "If he is going to get anywhere close to spending $1 billion, he has to start now." Spending money can be hard work, dahling, it's true. Maybe Michael Steele can show Obama how to burn through that stash more quickly. We hear he's looking for a job.

Obama helps Democrats outpace Republican fundraising [Reuters]