Now Obama Has to Start Raising Money for His Library And he might need $500M By John Johnson, Newser Staff Posted Dec 1, 2012 8:45 AM CST Updated Dec 1, 2012 9:15 AM CST 35 comments Comments President Obama reads a book about his dog Bo in this 2011 file photo. (AP Photo/Susan Walsh) (Newser) – Big Democratic donors might not want to put away their checkbooks just yet. It's library time, Politico reports. Though he has yet to be sworn in for his second term, President Obama must soon start raising private money for his presidential library, and he'll likely need somewhere around $500 million. Friends will help make the calls, but the onus for this particular type of fundraising will fall on Obama himself, writes Jennifer Epstein. A site still hasn't been selected, but a safe bet is that it will be the University of Chicago, where the president worked as a law professor. Also in the running is the University of Hawaii, where Obama's parents met and where his sister now works. Obama will probably have an official presence at both sites—home town vs. adopted home town—however it shakes out.