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Billionaire George Soros will soon make his first major contributions in the 2012 election cycle with donations of $1 million each to two independent groups backing President Obama's re-election bid: America Votes and American Bridge 21st Century.
The New York Times reports that, in all, Soros and his fellow deep-pocketed liberal donors are preparing to inject as much as $100 million into independent groups looking to help Democrats this November. But, the paper notes, the recipients of the cash aren't expected to be the super PACs of the variety that have so far dominated this election cycle with negative attack ads, but instead groups "focusing on grass-roots organizing, voter registration and Democratic turnout."
Soros, a renowned hedge fund investor estimated to be worth more than $22 billion, has not yet given any hints about whether he'll end up donating to pro-Obama super PACs like the relatively cash-strapped Priorities USA Action, according to the Los Angeles Times. Meanwhile, Team Obama’s Monday release of a $25 million ad campaign targeting Mitt Romney is an indication that Obama doesn't expect liberal outside groups to do much of the heavy-lifting, negative ad-wise, at this stage of the game, according to the NYT.