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President Barack Obama is raising about $800,000 for his re-election effort during a profitable fundraising stop just a block from the White House,

The president is meeting with about 20 supporters who paid $40,000 to attend a reception at the W Hotel, keeping up a fast-paced effort to amass cash for his campaign and for Democratic Party organizations.

Obama's fundraising efforts have taken added importance as former Massachusetts Gov. Mitt Romney emerges as the all-but certain Republican nominee. Romney's closest challenger, former Sen. Rick Santorum of Pennsylvania, suspended his campaign on Tuesday.

The proceeds of Wednesday's event will be distributed among Obama's campaign, the Democratic National Committee and several state Democratic parties.

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