Obama Burns Through Cash

Evan Vucci / AP Photo

Barack Obama

The Obama campaign is betting that big investments now will pay off in the fall, as the incumbent empties his coffers at an unusually fast rate for a modern sitting president. Since last year, the president’s team has spent about $400 million, much of it on voter registration efforts and Democratic organization on the local level. The gamble may be a dangerous one, however—with the race heating up as the Republicans prepare to meet for their convention, presumptive nominee Mitt Romney has about $25 million more to dip into than Obama does. “This July deadline is our most urgent yet,” Obama wrote in a message to donors last week.