Don't Believe the Hype: Obama is Handily Outraising Romney

Posted: Jul 21, 2012 5:11 PM
While President Obama continues to talk about how he's going to be the first incumbent president to be outspent in his re-election campaign, keep one thing in mind: he's lying.

Well, either he's lying or he's not checking the numbers often. President Obama spent $58 million in June and still has almost $100 million on hand for more. Romney? He spent a paltry (by comparison) $33 million, and only has $22.5 million left to spend.

The picture is slightly complicated when looking at the added totals of the Democratic and Republican National Committees. The DNC has only $37.5 million in the bank compared to the RNC's $89.4 million. Still, the added Obama/DNC and Romney/RNC totals give a hefty edge to the Democrats.

So while Romney has been picking up the pace with fundraising recently, it's important to remember that he started from nearly zero - as the Republican's previous fundraising efforts were solely on the GOP primary. President Obama was gathering cash all along.

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Now, it's highly likely that the discrepancy between the two campaigns won't amount to a whole lot come November. The political science literature shows that the amount of money raised and spent has only a tenuous correlation with ability to win.

Still, it's something to keep in mind when the President pleads with Democrats for their money and their support: he's doing just fine.