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In this July 26, 2012 file photo, President Obama speaks alongside Secretary of State Hillary Clinton as he holds a Cabinet meeting at the White House. SAUL LOEB/AFP/Getty Images

President Barack Obama is bolstering his party's campaign coffers, joining an ally of former Secretary of State Hillary Rodham Clinton to help the Democratic National Committee climb out of a worrisome deficit. It's the latest alignment of the Obama and Clinton orbits, as the former first lady considers a White House bid in 2016.

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The event illustrates the overlapping fundraising draw that Obama and the former first lady, senator and secretary of state represent for the party at a crucial time for the cash-strapped DNC. It also helps bridge some internal party tensions between donors who are merely interested in presidential politics and the Democrats' needs during this year's midterm elections.

Patricof wrote in a February email to contributors that he and his wife, Susan, had been "relatively quiet on the political front" following Clinton's loss to Obama in the 2008 Democratic primary.

"The most effective way that we all can be helpful to Hillary, and the Democratic Party in general, is to make sure that the Democratic National Committee is as strong as possible if Hillary should decide to run in 2016 and, for that matter, if any other good candidate appears on the scene if she decides not to be in the race," Patricof wrote in the email, first reported by Politico.

He called the fundraiser with Obama a "fireside chat" that would include 13 couples - 26 people - paying $32,500 per person.

The DNC has been trying to pare down millions of dollars in debt accumulated during Obama's re-election campaign; through the end of January the DNC owed more than $15 million.

Obama, who will also raise money at a Democratic Senatorial Campaign Committee fundraiser while in New York, has been making a sober fundraising pitch of late, warning that Democrats run the risk of losing control of the Senate if the party doesn't have the resources to motivate voters this November.

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Obama, Hillary Clinton fundraising orbits align - CBS News