Washington (CNN) — Billionaire financier George Soros is committing $1 million to the Democratic leaning super PAC backing President Barack Obama's bid for re-election.

An official with Priorities USA Action confirmed the news, which was reported earlier Thursday by the New York Times and Politico.

In May Soros donated $1 million to the left-leaning super PAC American Bridge. That donation marked the first major foray into the 2012 presidential race for Soros. He was a high-profile supporter of presidential candidate Obama in 2008, helping Obama raise a record amount of campaign cash.

Priorities announced earlier this month that it had raised $10 million in August, which was the largest haul to date for the super PAC, which was formed in the spring of 2011.

While the August fundraising figures were impressive, Priorities fundraising has lagged behind independent Republican groups such as American Crossroads, Crossroads GPS, Restore Our Future, and Americans for Prosperity (AFP), which are supporting GOP nominee Mitt Romney's campaign.

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