Obama expects to be outspent by Romney

His campaign said they expect the GOP candidate and his allies to raise more than $1 billion, more than the Democratic incumbent believes he will be able to gather.

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    This combination of 2012 and 2011 file photos shows Republican presidential candidate, former Massachusetts Gov. Mitt Romney at the University of Chicago on March 19, left, and President Barack Obama in Osawatomie, Kan. on Dec. 6, 2011.
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President Barack Obama's campaign said Wednesday that it expects the president to become the first incumbent to be outspent by his opponent. They are outlining the potential for $1 billion in spending from Republican-leaning outside groups supporting Mitt Romney.

Campaign officials say they fully expect Romney and a collection of supportive groups known as super PACs to outspend Obama, who broke all fundraising records in 2008.

They briefed Washington reporters only on condition of anonymity in order to discuss internal campaign strategy and polling data.

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It's the latest bit of bad news for Obama, who acknowledged Tuesday that Europe's debt crisis could affect his chances at re-election in November, but he warned that his administration can't control how quickly the Europeans fix their problems.

Obama, speaking at the close of the Group of 20 economic summit in Mexico, also expressed confidence Tuesday in Europe's ability to "break the fever" of its raging debt crisis as he sought to calm global financial markets and worries of voters at home.

The U.S. economy is in a tentative recovery, but a slump in hiring and other mixed signals have muddled Obama's re-election prospects as Republican rival Mitt Romney hammers at the issue in his campaign. Whatever happens in Europe is quickly felt overseas.

"All of these issues, economic issues, will potentially have some impact on the election," Obama said in a news conference that brought to a close his last foreign trip before the November election.

Asked about criticism of his economic proposals from an adviser to his Romney, Obama gave a prickly response.

"We have one president at a time and one administration at a time," he said. "And I think traditionally the notion has been that America's political differences end at the water's edge."

Mindful of his audience of voters in the U.S., Obama said: "The best thing the United States can do is to create jobs and growth in the short term, even as we continue to put our fiscal house in order over the long term."

Obama held a lengthy private meeting with German Chancellor Angela Merkel, whose country plays a pivotal role in addressing the European crisis. Obamaalso held a joint meeting Tuesday with leaders from Britain, Germany, Italy, France, Spain and the European Union.

Despite the words of unity during the Mexico meetings, European leaders showed signs that they have heard enough about their troubles, particularly from Americans. Memories linger of the 2008 financial crash that was born in the United States and destroyed jobs and wealth.

"The eurozone has a serious problem, but it is certainly not the only imbalance in the world economy," Italian Prime Minster Mario Monti said Tuesday. He said the United States' own financial problems were mentioned in G-20 talks "by almost everybody, including President Obama."

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Recommended: How skewed is America's income inequality? Take our quiz.
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