Obama and DNC Join Fundraising Efforts in New Committee

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http://www.cqpolitics.com/wmspage.cfm?docid=news-000002896501

Obama and DNC Join Fundraising Efforts in New Committee
By Emily Cadei, CQ Staff

The Democratic National Committee moved to shore up its fundraising efforts for the presidential campaign this week, setting up a joint fundraising committee with presumed nominee Barack Obama . The Obama Victory Fund will allow the party and the Illinois senator to hold events and raise funds together. Under their agreement, the Obama campaign will pocket every individual contribution up to $4,600, which is the maximum a candidate can receive from individuals. The DNC will get any amount above that figure, up to $28,500.

The DNC set up another joint fundraising venture — the Democratic White House Victory Fund — only last month with Obama and New York Sen. Hillary Rodham Clinton . But now with Clinton out of the presidential race, the party is hoping to tap into Obama’s successful fundraising formula to help invigorate its own operations.

The party ended April with only $4.4 million in the bank, which amounted to only a tenth of the $40.6 million the Republican National Committee has raised. The RNC and presumed GOP nominee John McCain of Arizona have been raising money together since April through their own joint committee, the McCain Victory 2008 fund.