The Hill News

Mitt Romney's campaign believes it will need to raise some $800 million to compete with President Obama this November, according to internal memos obtained by The New York Times.

In addition to those funds, the campaign believes another $200 million will be spent by outside super-PACs in support of a Romney candidacy, projecting more than a billion dollars spent in total on the 2012 race â€" by Republicans alone, according to the report.

As to where the money will come from, Romney's aides believe they can collect more than half a billion dollars from donations to Romney Victory, a joint fund with the Republican National Committee targeting high-dollar donors, who can give over $75,000 apiece.

The campaign also hopes to raise an additional $300 million from smaller donations. That grassroots support has thus far proven difficult for the Romney campaign, especially relative to other Republican presidential candidates and Obama.

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