Obama Burns Through Cash

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.