Correlating with many months of Government deficit-spending, it appears the Obama campaign is suffering a similar fate.
It was reported a month ago in May that Obama’s campaign spent itself in the red. Well, the President has done it again in June.
This is opposite of Mitt Romney who brought in more money in both months and spent less.
According to the AP:
WASHINGTON (AP) — Amid a heavy barrage of advertising by opposing “super” political groups, President Barack Obama’s re-election campaign spent more than it collected in June. While outraised again by Republican Mitt Romney, Obama ended the month with a hefty $97.5 million in the bank.
June was the second consecutive month in which Romney brought in more money than Obama, finance reports filed Friday show. Romney’s money advantage prompted Obama’s campaign advisers to warn earlier this month that the president could lose the election if the financial disparity continued.
Obama tried to answer the super PACs supporting Romney by spending $38.2 million on television advertising. Romney spent less than a third of that – $10.4 million – on TV time.
Romney’s campaign nearly doubled its spending in June compared with the previous month, underscoring the close proximity of the November general election in which Republicans hope to unseat Obama and, in part, dismantle the president’s signature health care overhaul.
Much of Romney’s financial advantage – he raised $106 million last month with the help of the Republican Party – came from larger donations in a handful of battleground states. Those included Florida, where the Romney Victory Fund pulled in about $4.4 million in individual contributions, records show.
You can read the whole thing here.
One valid point as already mentioned by Right_Wingnut below, campaign finance laws prevent Romney from spending any current money until he is actually crowned the nominee. As Byron York explains:
” Campaign finance laws. Romney officials believe this is the most under-reported aspect of the ad war so far. Until the Republican National Convention, which begins August 27, Romney is forbidden from spending the money he has raised for the general election. Instead, he is using money left over from the GOP primary race. Of course, Romney spent a huge amount of money — about $85 million — to win that primary race. Even though he has been raising vast amounts for the general election, he doesn’t have gobs of cash to use right now. Obama, on the other hand, didn’t have to spend any money winning a Democratic primary. The result is that Obama is hugely out-spending Romney in key states. A recent Washington Post report said Obama has outspent Romney in Florida $17 million to $2 million, as of July 6. The numbers in Ohio were $22 million to $6.5 million, and in Virginia, they were $11 million to $3 million. That is a huge, huge advantage for Obama — not unlike the advantage Romney enjoyed over his Republican rivals during the primary season.”