A new "super" political action committee supportive of former Massachusetts Gov. Mitt Romney has raised more than $12 million, drawing on big-dollar donations to help the former Republican governor in his bid for the White House.
The Restore Our Future super PAC includes $100,000 apiece from corporations like Utah-based Eli Publishing Inc., and wealthy donors like John Paulson, founder of the New York-based Paulson & Co. hedge fund.
Marriott International Inc. CEO J.W. Marriot Jr. gave a half-million dollars to Romney's group, as did Marriot's brother, Richard, the chairman of Host Hotels and Resorts. The CEO of New York hedge fund Moore Capital Management, Louis Moore Bacon, also opened his wallet for $500,000.
The 89 contributions during the first six months of 2011 came from a large swath of the country, from Los Angeles to Boston, Federal Election Commission filings show.
Nearly all of Restore Our Future's donations were greater than $5,000, the maximum allowed for both the primary and general elections had the contributions gone to Romney's official presidential committee. But super PACs like Restore Our Future — an outside group not officially connected with Romney — can receive unlimited funds from individuals and corporations, thanks in part to the 2010 Supreme Court ruling in Citizens United.
The $12.2 million donated to Restore our Future, founded by former Romney aides, contrasts the $18.4 million raised from April through June by the official committee Romney for President.
My plan would have produced a budget that was cut, capped and balanced -- not one that opens the door to higher taxes and puts defense cuts on the table,” Romney, a former Massachusetts governor, said in a statement released by his campaign. “I personally cannot support this deal.”
Senate and House leaders are racing to push through a bipartisan compromise sealed with President Barack Obama last night that would raise the U.S. debt limit by at least $2.1 trillion and slash government spending by $2.4 trillion or more. The House plans votes today and the Senate may follow suit to consider the agreement, which was reached during a weekend of negotiations.
Romney’s statement followed one released yesterday by Representative Michele Bachmann of Minnesota, a favorite of the Tea Party movement and another Republican presidential candidate, that also criticized the deal.
“The president continues to press for a ‘balanced approach,’ which everyone knows is code for increased spending and taxes,” she said in her statement. “Throughout this process the president has failed to lead and failed to provide a plan. The ‘deal’ he announced spends too much and doesn’t cut enough. This isn’t the deal the American people ‘preferred’ either, Mr. President. Someone has to say no. I will.
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