The New York Times reports that Romney now has a $62 million cash-on-hand advantage over Obama, which isn’t as significant as it sounds considering Obama has outraised and outspent his opponent since the beginning of his campaign.
But check out the cash-on-hand advantage the Romney-supporting American Crossroads has over the Obama-supporting Priorities USA:
Priorities USA Action, a super PAC backing Mr. Obama, raised $4.8 million and ended July with $4.2 million in cash on hand.
American Crossroads, the major super PAC backing Mr. Romney and the Senate Republicans, raised $7.7 million in July and spent $9.1 million, ending the month with $29.5 million in cash.
Keep in mind that this doesn’t account for other top Obama-supporting super PACs like American Bridge 21st Century, and the support from the labor movement. But it still doesn’t look good for them. According to the Huffington Post, most of Priorities USA’s July fundraising came from just eight individuals (plus a handful of law firms and unions):
The super PAC, run by former White House aide Bill Burton, raised most of its July money from eight individuals, two unions and seven law firms. The biggest single contribution came from the real estate investor and lesbian, gay, bisexual, transgender activist Mel Heifetz.
Clearly Obama’s side is somewhat worried about fundraising, or we wouldn’t be deluged with stories about it every other day. The Republican side certainly seems to have the capacity to outraise its opponents between now and the election; but it’s hard to tell whether the constant stories about Obama and Co.’s poor fundraising numbers indicate an actual problem for them, or whether it’s just another way for them to put pressure on donors.