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Tipsheet

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

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.
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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.

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.

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