Report: George Soros Donates $1 Million To Democratic Super PAC

Source: TPM

Billionaire financier George Soros is donating $1 million to Priorities USA, a super PAC supporting President Obama's re-election, according to the New York Times. He plans on giving another $500,000 to Democratic super PACs aimed at winning House and Senate races. Previously Soros had indicated he planned to remain on the sidelines in 2012 when it came to funding partisan groups.




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Soros Gives $1 Million to Democratic ‘Super PAC’
http://thecaucus.blogs.nytimes.com/2012/09/27/soros-gives-1-million-to-democratic-super-pac/

The billionaire George Soros is committing $1 million to Priorities USA Action, the “super PAC” supporting President Obama, two people with knowledge of the decision said Thursday, a significant donation that could help spur further contributions to the group in the closing weeks of the election.

A longtime political adviser to Mr. Soros, Michael Vachon, made the announcement at a luncheon on Thursday hosted by the Democracy Alliance, a group of liberal donors who have already invested heavily in building grassroots organizations and research institutes. Mr. Soros will also give an additional $500,000 to two super PACs backing congressional Democrats. Other donors at the lunch were expected to commit between at least $10 million more to Democratic super PACs, suggesting that many — like Mr. Soros — had overcome their aversion to the purely advertising-oriented super PACs.

The luncheon, which was headlined by former President Bill Clinton, suggested a rapprochement of sorts between progressive donors who have traditionally favored movement-building and Democratic strategists who badly want large checks to finance the party’s emerging super PAC apparatus, which only in recent months have begun to draw significant financial support, much of it from traditional party sources like Hollywood, trial lawyers, and unions.