obama blog

We Will Not Play by Two Sets of Rules

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The President opposed the Citizens United decision. He understood that with the dramatic growth in opportunities to raise and spend unlimited special-interest money, we would see new strategies to hide it from public view. He continues to support a law to force full disclosure of all funding intended to influence our elections, a reform that was blocked in 2010 by a unanimous Republican filibuster in the U.S. Senate. And the President favors action—by constitutional amendment, if necessary—to place reasonable limits on all such spending.

But this cycle, our campaign has to face the reality of the law as it currently stands.

Over the last few months, Super PACs affiliated with Republican presidential candidates have spent more than $40 million on television and radio, almost all of it for negative ads.

Last week, filings showed that the Super PAC affiliated with Mitt Romney's campaign raised $30 million in 2011 from fewer than 200 contributors, most of them from the financial sector. Governor Romney personally helped raise money for this group, which is run by some of his closest allies.

Meanwhile, other Super PACs established for the sole purpose of defeating the President—along with "nonprofits" that also aren't required to disclose the sources of their funding—have raised more than $50 million. In the aggregate, these groups are expected to spend half a billion dollars, above and beyond what the Republican nominee and party are expected to commit to try to defeat the President. [more]