George Soros Bails Out the Democrats with $2 Million

×
George SorosBy Walter Hickey

The New York Times has reported that George Soros just gave $2 million dollars to Democratic Super PACs.

Just when everyone thought that Soros was focusing on philanthropy and ignoring Democratic calls for cash because of a perceived snub, "The Man Who Broke The Bank of England" is back in action, rescuing the Democrats from an October in which they're severely outgunned financially.

The first $1 million went to Priorities USA Action, which has been lagging substantially behind similar Super PACs on the Romney side by millions of dollars.

Romney's Restore Our Future had around $20.5 million cash on hand the last time they reported, while Priorities was down to a mere $4.2 million. With this injection of Soros cash, their cash on hand increases by around 25%.

Soros also came to the rescue of two unnamed Super PACs designed to aid Democrats running for House and Senate races -- likely House Majority PAC and Majority PAC, both of which he's supported before and which were each running low on funds.

According to the Center for Responsive Politics, Majority PAC, which focuses on Senate races, was down to $1.2 million cash on hand, while House Majority PAC had only $8.3 million for dozens of races. With a half million extra in the bank, these PACs have some breathing room now.

Earlier, Soros had given $1 million to American Bridge 21st Century PAC, which focuses on opposition research.

The reason for the contribution? Soros told The Times that he was "appalled by the Romney campaign which is openly soliciting the money of the rich to starve the state of the money it needs to provide social services.

Needless to say, Democrats are stoked. The cavalry has arrived.

More from Business Insider:
23 Houses That Were Once Owned by American Presidents
Almost Everyone Misinterprets the Polling on the Presidential Election -- Here's Why
The Most Corrupt Members of Congress

Increase your money and finance knowledge from home

Goal Setting

Want to succeed? Then you need goals!

View Course »

Intro to Retirement

Get started early planning for your long term future.

View Course »