Obama: ‘We Have Been Outspent Before’

By Fred Lucas | August 15, 2012 | 10:55 AM EDT

The presidential contenders make their case to voters. (AP Photo)

(CNSNews.com) – President Barack Obama warned an Iowa crowd Tuesday he would be outspent by his Republican rival Mitt Romney, but that’s okay, he said, because “we have been outspent before.”

The president did not specify the political campaign where he was outspent, but it wasn’t the last one.

According to media reports and fact check groups, in the 2008 presidential race, Obama outspent his Republican opponent, Ariz. Sen. John McCain, as well as his Democratic primary rival, Sen. Hillary Clinton.

“Now, I have to tell you that over the course of the next three months, though, you will see more money spent by the other side than we've ever seen in history, and I don’t want to lie -- I mean, we're raising money -- but these folks are writing $10 million checks,” Obama said at B.R. Miller Middle School in Marshalltown, Iowa.

“I mean, they've got some friends in -- with a lot of money, and we are seeing all these ads -- and you notice they don’t really have a plan? I mean, you don’t see these ads saying what they're going to do, because they know that their plan would not sell.”

Obama complained that the ads criticize his handling of the economy.

“And you know, I might be a little worried about it, except -- what you taught me, Iowa, in 2008 –“we have been outspent before; we have been counted out before.”

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FactCheck.org reported on Nov. 3, 2008: “Overall, Obama has outspent McCain by nearly 3-to-1, but in the closing week it’s been closer to 5-to-1.”

Obama also outspent his Democratic primary opponent Clinton $75 million to $46 million, the Chicago Tribune reported.

According to the Associated Press, the Romney campaign has brought in more cash than Obama for each of the last three months, including $25 million more than Team Obama in July.

The president and Democrats still hold an overall advantage — having raised about $600 million since April 2011 — thanks to the Republican primary, which prevented Romney from accepting large-dollar donations early on and split donors among the GOP contenders.

The New York Times reported in April that the Romney team has set a $800 million fundraising goal, which would beat Obama’s $750-million haul in his last presidential run.

(The Associated Press contributed some of the information used in this report.)

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