Obama alarmed by Romney cashflow

US President Barack Obama, renowned as a champion fundraiser who piled up $750m (€600m) in 2008, warned supporters he would be outspent by his foe Mitt Romney in this year’s election.

The president lashed the Republican for huddling last weekend at a “secretive retreat” for rich donors and chiefs of fundraising committees targeting Demo-crats, portraying his policies as harmful to the middle class.

“I will be the first president in modern history to be outspent in his re-election campaign, if things continue as they have so far,” said Obama in a fundraising email sent out to his supporters.