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Barack, competitor on money-raising spree

As US President Barack Obama has been on a nationwide fund raising blitz raising millions in the last few days, the latest figures reveal that Mitt Romney, Republican challenger, outraised him in terms of raising money in the month of May.

The Obama Campaign said that it raised USD60 million in the month of May; the same month Romney and his Republican party raised USD76.8 million.

Romney campaign and the Republican Party now have USD107 million cash on hand.

'We are encouraged by the financial support from a broad range of voters,' said Romney Victory National Finance Chairman Spencer Zwick.

'Our strong fundraising is a sign that Americans are tired of President Obama's broken promises and want a change of direction in the White House,' said Republican National Committee chairman Reince Priebus.

According to the Romney campaign as many as 93 per cent of all donations received in May were USD250 or less. USD12 million was raised by donations under USD250 in May.

Being outpaced by the opponent, the Obama Campaign was quick in seeking more donations from its supporters. 'For the first time in this campaign, we got beat in fundraising. The Romney campaign and the Republican Party raised more than USD76 million last month, compared to our USD60 million. We knew this moment would come when Romney secured the nomination,' said Jim Messina, campaign manager, Obama for America.


OBAMA CAMPAIGN QUESTIONS ROMNEY FINANCES


Campaign officials of President Barack Obama questioned about the personal finances of Mitt Romney, a presumptive Republican nominee, after he said that his personal trusts holding his investments aren't truly blind under federal ethics law.

'It's been obvious for some time and has been reported that Governor Romney is not operating with a federally qualified blind trust. That certainly has been obvious,' Obama campaign general counsel Robert Bauer told reporters.

'On Thursday, he took the position that was in fact the case he acknowledged that, but he also said that he wasn't prepared to make any changes until, and if, he became US President,' he said referring to the admission made by Romney.

He said that raises a set of questions because function of a blind trust was to protect against conflicts of interest.

'If an officeholder doesn't want to desist himself or herself from holding to prevent a conflict of interest, then the alternative was to have a true blind trust with rigorous standards that you find under federal law,' Bauer said.

The campaign official said that it raises a host of questions of why it was that he wouldn't abide by the more rigorous standards and address the question of conflict of interest since we know that he has far-flung investment interests offshore in foreign companies.
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