October 1, 2012
Soros pledges $1 million to Obama Super PAC
Billionaire George Soros pledged $1 million to a Super PAC supporting President Obama.
The donation reported over the weekend by The New York Times will go to Priorities USA Action. It reportedly was announced Sept. 27 at a luncheon held by the Democracy Alliance, a group of liberal donors, by Michael Vachon, a longtime Soros political adviser, according to the Times.
Soros also is set to donate $500,000 to two Super PACs backing Congressional Democrats, the newspaper reported.
With the donations, Soros now has given $4.3 million during this election cycle to PACs supporting Democrats, according to Politico -- the largest donor on the left, it said. Soros donated $24 million to outside groups ahead of the 2004 election, however.
By contrast, casino mogul Sheldon Adelson has pledged to spend up to $100 million to defeat Obama and congressional Democrats in the upcoming elections.
Super PACs can raise unlimited sums from corporations, unions and other groups, as well as individuals, and indirectly support a political candidate. They cannot by law coordinate with the candidate's official campaign.