Rahm 'Quits' as Obama Chair to Raise Cash

Rahm Emanuel is officially resigning his role as an honorary Obama campaign chairman so that he can kickstart a major fundraising initiative to win big-money contributions for Democrats around the country, the Washington Post reports. Emanuel was a renowned fundraiser before running for office, and was one of the first to push Democrats to form a super PAC, when most in his party were advocating taking the high road. He's "helping, not running” super PAC Priorities USA, Emanuel said today. “I’m going to help where I can to get the president re-elected, and this is where I can probably be most helpful in the final days.”

The Romney campaign told top donors last week that they expected to raise $100 million for the third month in a row, sources tell the Wall Street Journal—and that's not counting the GOP super PAC edge. Republicans are dominating thanks largely to big donations from the financial sector—the cycle has already seen a record number of donations over $1 million. (More Rahm Emanuel stories.)