Despite a record-breaking fundraising effort, President Barack Obama’s campaign had almost the same amount of cash in the bank at the end of May that it did at the beginning of the month, according to its monthly reports to the Federal Election Committee.
On May 1, Obama For America and the Democratic National Committee had $139.3 million in the bank. By May 31, their accounts were still at $139.3 million, according to the June 20 FEC filings.
But funding held by an ancillary account, the Swing State Victory Fund, grew from $2.8 million to $2.9 million, allowing the campaign to claim a very slight increase in its collective bank balance — to $142.2 million.
The two main committees registered receipts of $59 million, but also spent $69 million.
The Obama campaign’s high spending is driven by TV ads and its large organization, which includes many offices and organizers in swing states, such as Virginia, Colorado, Florida, Ohio and North Carolina.
The campaign spent $34 million on advertising, including $29 million on TV advertising.
Campaign officials are working hard to reverse the declining bank balance, partly because they will need to run a lot of expensive TV advertising as the November election approaches.
Obama is breaking records for fundraising, and has attended over 160 fundraisers, including six fundraisers on June 12.
In 2004, President George W. Bush had only hosted 79 fundraisers by the end of May.
Obama’s May revenues were much higher than April’s disappointing intake of $40 million, partly because of extra donations from socially liberal donors in Hollywood and New York’s fashion, media and financial sectors.
Nonetheless, presumptive Republican nominee Mitt Romney’s campaign is powering up, and brought in $76 million during May.
The Republican National Committee brought in $34.3 million in May, boosting its bank account to $60 million.
Fundraising for independent, GOP-friendly super PACs also rose faster than Obama-friendly super PACs.