Posted on | July 9, 2012 | 43 Comments
Politico‘s Byron Tau calls it “a sign that the Obama campaign may continue to be outraised all the way until November.”
Before Republicans start high-fiving each other in premature celebration, however, let me remind you that the Obama campaign entered June with a cash-on-hand advantage of more than $90 million ($109 million to Romney’s $17 million). And during May, Team Obama out-spent Team Mitt by nearly $30 million ($44.6 million to Romney’s $15.6 million).
In other words, Obama began the campaign with an enormous cushion of extra cash, which enabled him to outspend Romney nearly 3-to-1 in the first month after Romney clinched the GOP nomination.
The monthly fundraising advantage for Romney in June was really just closing the gap in terms of cash-on-hand. Obama’s still got more money in the bank than Romney, and that isn’t going to change any time soon. Furthermore, Obama’s early money advantage has enabled him to beat Romney in terms of TV advertising in key swing states thus far, meaning that Romney has to dig his way out of a hole, so to speak.
Still, for the incumbent president to be on the short end of a $35 million fundraising gap is not good news for Democrats, and perhaps that explains the media panic over Romney’s Hamptons fundraiser.