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Economics

Obama Fundraising Goal: $225,000-Per-Day for Presidential Library

The deadline for the four site finalists to submit formal proposals arrives this week.
U.S. President Barack Obama speaks to the media during a news conference in the East Room a day after Democrats lost the US Senate Majority, November 5, 2014 in Washington, DC.

U.S. President Barack Obama speaks to the media during a news conference in the East Room a day after Democrats lost the US Senate Majority, November 5, 2014 in Washington, DC.

Photo by Mark Wilson/Getty Images

About $225,000 dollars a day. That's a ballpark estimate for how much President Barack Obama and his supporters need to raise for his presidential library, assuming $500 million in expenses and a desire to pay the tab within four years of leaving office.

With his last midterm election behind him, Obama will start to focus more on the project next year, as he begins to decide how he wants his legacy showcased. The president, first lady and current White House staff won't be actively fundraising until he leaves office, although others will be starting that work.