Romney Flush After Florida

Image: Mitt Romney campaign

The rich get richer—it’s true in politics as well as economics.

Consider Mitt Romney, whose resounding victory in the Florida primary puts him comfortably in the frontrunner position for the Republican presidential nomination. Romney has raised much more for his campaign than any of his competitors—he had $20 million in cash going into January. Plus, the Super PAC supporting him, Restore Our Future, had even more cash to spend, $23.6 million, according to Federal Election Commission filings.

Both Romney and his Super PAC friends spent a lot of this money beating Newt Gingrich to a pulp in Florida, but they’re bound to raise a lot more in the coming weeks. Everyone loves a winner, especially campaign contributors. Plus, Romney’s contributors have deep pockets—the New York Times reports that nearly 60 corporations and wealthy individuals donated $100,000 or more to Romney’s Super PAC. Unlike candidates themselves, Super PACs aren’t subject to contribution limits.

Gingrich, meanwhile, will limp along, hoping that his Las Vegas casino benefactor, Sheldon Adelson, will cough up another $10 million or so for his Super PAC, Winning Our Future. Gingrich only had $2 million in cash heading into January. Even with the support provided by his Super PAC, Gingrich was outspent by a 5-to-1 margin in Florida.

Meanwhile, President Barack Obama makes Romney look like a pauper when it comes to campaign contributions. The president’s campaign raised $68 million in the fourth quarter of 2011, compared with Romney’s $24 million and Gingrich’s $10 million. Nearly all of this money came from people who donated $250 or less.

Super PACs, however, will come to the Republican nominee’s rescue and help close the money gap with Obama. American Crossroads, founded with the help of Republican strategist Karl Rove, raised $51 million last year for its Super PAC and nonprofit arm, including $7 million from Dallas billionaire Harold Simmons and Contran, a holding company he owns. American Crossroads hopes to raise another $200 million before the November election, according to the Washington Post. It already has spent $10 million on television ads attacking Obama.