Given the hundreds of millions that both political parties and their presidential candidates have raised this year, it isn’t likely that either side will run out of cash before November. But the latest reports about how the two sides are utilizing their resources have raised an interesting question about campaign strategy. With President Obama’s campaign spending money like it’s going out of style in the spring and summer, it’s clear that despite the expectation earlier in the year that the formidable machine the Democrats have built would have a considerable financial edge, the opposite may be true. As the New York Times reports, Mitt Romney and the Republicans will likely have more money to spend in the fall campaign than their rivals.

The Democrats have spent the last couple of months going all in on nasty personal attacks on Romney that they hope, combined with spending on voter registration and other campaign infrastructure, will pave the way for an Obama victory. That’s a rational strategy but it leaves them open to some second-guessing. They are gambling that their sliming of Romney will sour the public on the GOP candidate will work. But if their charges don’t stick, they will be left to face a still viable rival in September and October who will be able to outspend them on the ground in battleground states.

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The day started out with what initially seemed like good news for the Obama campaign. It had beat its April fundraising haul, a mediocre $43 million, by bringing in $60 million in May:

President Barack Obama and his Democratic allies together hauled in more than $60 million for his re-election campaign in May, a large jump as he struggles to maintain a fundraising edge against Republican challenger Mitt Romney. …

It was also a dose of good news for Obama after a Republican victory in the closely watched Wisconsin governor recall election raised warning flags over Democratic fundraising and campaign organizing that could pose problems for the president in the November 6 general election.

After a string of flops for Obama — the failed Bain attacks, the dismal jobs numbers, and the Wisconsin loss — this finally seemed like a chance for some positive publicity. At least until the Romney campaign blasted out this email on its own May fundraising numbers:

Today, Romney for President, Romney Victory, and the Republican National Committee announced fundraising totals of over $76.8 million in May. The campaign and RNC have $107 million cash on hand.

Announcing the numbers, Romney Victory National Finance Chairman Spencer Zwick said, “We are encouraged by the financial support from a broad range of voters. To them, whether they are Republican, Democrat, Independent, a first time political donor, or a former Obama donor, this is not just a campaign; it’s an opportunity for the country. It is clear that people aren’t willing to buy into ‘hope & change’ again. Voters are making an investment because they believe that it will benefit the country.”

The biggest surprise is that Romney beat Obama’s May fundraising numbers by $17 million — and nearly doubled his $40 million April total.

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