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George Soros pledges $1.5 million to Democratic Super PACs

  • Billionaire financier George Soros has committed $1.5 million to Super PACs supporting President Barack Obama and Democrats running for Congress in the November 6 election.

    Soros has pledged $1 million to Priorities USA Action, which runs ads for the Obama campaign. He also pledged $500,000 to Majority PAC and House Majority PAC, which help Democratic congressional candidates.

    Super PACs are outside groups that are officially unaffiliated with campaigns. They bring in unlimited amounts from individuals, corporations and unions to support candidates or issues.

    The move by Soros could lead to more big checks from wealthy Democrats who previously avoided giving to the groups due to an apprehension over the growing influence of money in politics.

    Soros, whose net worth is estimated by Forbes at $19 billion, previously held the record as the biggest contributor in an election cycle for the $27.5 million he spent in 2004.

    His record was surpassed this year by Las Vegas casino owner Sheldon Adelson, who gave $70 million to help Republicans in the 2012 election.