Obama shatters records with $745M haul

President-elect
Obama raised an incredible $745 million during his campaign, according to new
Federal Election Commission (FEC) reports, shattering all previous fundraising
records and far outpacing his GOP rival.

Reports from the final days of the election were due to
the FEC on Thursday and show Obama raised more money in the final days leading
up to the election than Republican candidate John McCain raised in his entire
campaign. And, even more impressive, Obama still has campaign funds in the
bank, even though candidates traditionally spend down to the last dime. 

{mosads}Obama pulled in
$79 million from individual donors between Oct. 16 and Nov. 24, the filings
showed, and received another $25 million in transfers from other committees.
That $104 million is $20 million more than McCain had available for the entire
general election.

Obama’s decision
to forgo federal funding paid off, as the Democratic candidate was easily able
to outspend McCain, who accepted $84 million in federal funds. The filings also
show McCain spent $17 million between Oct. 16 and Nov. 24, while Obama shelled
out over $136 million.

Republicans had
hoped the national party would be able to make up for the financial disparity
McCain faced. But the combined forces of the GOP and McCain still fell $174
million short of Obama in spending. The Republican Party spent $335 million in
the race and McCain spent $231 million, while Obama shelled out $740 million.
And Obama’s total is more than the $695
million combined that President Bush and Sen. John Kerry (D-Mass.) raised in
2004.

Obama thanked major members
of his finance committee at a private reception Thursday in Chicago. “We
didn’t just win, but we ran and won in the right way,” Obama told his
financiers. “This is the start. This is not the end. This is the
beginning.”

Though the
campaign shattered spending records, it couldn’t seem to spend the money fast
enough; the FEC filing shows Obama still has $30 million in the bank. That
money can be spread to other candidates or party committees, although Obama can
also use it as seed money for the 2012 election.

Fundraising has
never proven difficult for Obama, who shocked political observers as early as
the first quarter of 2007 by raising $25.7 million.