One-percenters only.

WASHINGTON (AP) — President Barack Obama is holding a private fundraiser at a hotel near the White House to bolster his re-election effort.

The Obama campaign says the fundraiser at the W Hotel is with about 20 supporters paying $40,000 a person to attend. The campaign said the president was also giving a campaign update to 25 supporters before the fundraiser.

The money will benefit the Obama Victory Fund, a joint fundraising committee of the Obama campaign, the Democratic National Committee and several state Democratic parties. Both events were closed to reporters.