Obama camp claims $146.6 million in cash

President Obama and Republican presidential candidate, former Massachusetts Governor Mitt Romney.

/ Getty

The Obama campaign has $146.6 million in cash on hand at the start of June, according to newly-released filings with the Federal Election Commission.

The total includes the cash held by Obama for America, the Democratic National Committee, the Obama Victory Fund (a joint fundraising committee) and the Swing State Victory Fund.

One potential cause of concern for the Obama camp: Obama for America spent more money in May ($44.6 million) than it raised ($39.1 million).

The Obama camp announced earlier this month that it raised a total of $60 million in May between its various committees. The Romney camp raised $76.8 million for the month.

Romney's cash on hand is not yet clear. His own campaign fund has just $17 million in cash on hand (compared to $109.7 million for Obama for America), but the Republican National Committee reported $61 million in cash on hand, and numbers for Romney's joint fundraising committee were not immediately available.

The Romney camp said that Wednesday was the biggest single fundraising day of the entire campaign, with between $6 million and $8 million raised.

On a conference call with reporters Wednesday, the Obama campaign argued that it would ultimately be outspent. They pointed to the outside groups freed up to spend unlimited amounts to influence the election by the Supreme Court.

"We are going to be the first incumbent outspent," a senior Obama campaign official said. The campaign estimates that Romney, the RNC, and all of the pro-Romney/GOP super PACs combined will spend $1.225B on ads this cycle. Another staffer said the outside groups are "one of the most significant challenges we face."

Democrats have lamented their significant disadvantage among outside group fundraising. Republican-linked groups like the Romney-supporting super PAC Restore Our Future, the Karl Rove-linked Crossroads groups, the Koch brothers-linked Americans for Prosperity, and the U.S. Chamber of Commerce have raised tens of millions so far this election cycle.

Democrat-supporting groups have lagged behind. Priorities USA Action, which supports the president, raised $4 million in May - it's best fundraising month ever - and says it is on track to raise more in June. Restore Our Future raised $5 million for the month.

Much of Priorities USA's new money was due to the emergence of three new million dollar donors supporting Mr. Obama. Texas trial lawyer Steve Mostyn is a well-known Democratic donor in Texas but his $1 million donation was his first to Priorities USA. Tennessee native Franklin Haney is a real estate developer who owns 15 million square feet of office space in the southeast and Washington, D.C. and is reportedly good friends with former Vice President Al Gore.  Haney also gave $1 million.

The third million dollar donor is South Florida philanthropist Barbara Stiefel. She has multiple foundations and has given generously to children's charities in Africa. One foundation affiliated with her family supports the atheist movement. 

In other super PAC news, the group supporting Newt Gingrich, Winning Our Future, refunded $5 million to billionaire casino magnate Sheldon Adelson's wife, Miriam, according to FEC filings. It was refunded to her on May 1, the day after Gingrich suspended his campaign.

CBS News investigative producer Laura Strickler contributed reporting to this article.

[AnnArbor2]

Sounds like TimeToEvolve is quite a bit behind on the evolution.

Considering Obama is spending tax payer money to raise money and campaign, his war chest covers only a token of what Obama costs.

Romney understands organization and being effective with his available resources whereas Obama is a hood ornament of an ugly machine and has demonstrated he has no concept of managing funds or people.

[TimeToEvolve]

That darn Obama, he inherited a disaster caused by Bush's wars and tax cuts and turned it completely around. He is a foreign policy mastermind who is killing America's enemies. He is doing great in spite of a Republicon controlled House and Senate that wants America to fail. Darn that guy.

[hillzhavays]

Where are all the Lefty lunatics on this thread? It's such a pleasant surprise to not hear the broken records for once.

[TimeToEvolve]

There you go. To balance the out of control, white wing wacko, reactionary and frightened little conservatives here.

[milanzm1963]

Time is running for Pr. Obama: support, money, US economy...I have NO doubt that Pr. Obama will be re-elected this year ( Mr. Romney can get maximum 40-45% votes in November election)! I did NOT agree with everything what President did during last 3,5 years, but HE has the best vision how to win the future for USA. President is honest person who is doing his best to move this country forward in right direction. My support to Pr. Obama re-election is my investment: what kind of future I want for this Country... He has much more to say and accomplish, during next 4,5 years as a President! My the biggest concerns right now are: unemployment, dysfunctional Congress , US economy and houses market depression...

[TimeToEvolve]

I think there is a good chance that Wall Street will buy their fascist puppet Robmee in to continue to rob from the poor and give to the rich. I hope to God you are right, though.

[2happy2ride]

The executive privilege, in the failed gun control scandal, a/k/a Fast & Furious, protecting him & holder is the nail in his coffin this November.
Not even the most ignorant liberal can exonerate his lack of leadership & unprecedented number of failed policies.

[TimeToEvolve]

What a joke a scam that is. Started by the stupid worthless Republicons to hid the fact they can't and never had any intention of creating good American jobs.

[MD-indep]

What goes around, comes around. President Obama was the FIRST nominee to REJECT federal funding and outspent Sen McCain 4 to 1. I did not hear anyone blame Pres Obama for "destroying American Democracy" in doing so - although he has done a good job at that since! Quoting the NY Times in Nov 2008: "President-elect Barack Obama, the first major-party nominee to reject federal funding for the general election, spent $740.6 million. Arizona Senator McCain, unlike Obama, accepted $84.1 million in public financing for the general election, a decision that barred him from raising money privately. Obama outspent him by a 4-1 margin between Sept. 1 and Nov. 24, FEC records show"

[TimeToEvolve]

Stop trying to re-write history. Oh, I almost forgot, you are a Republicon and they are allowed.

[Robby33383]

Where can I send my dollars to Romney??? Anybody but Barrack Hussein in November!

[inbethlehem]

Add another $20 to that total. Just put my monthly contribution to the cause.

[Ben37221]

Romney cannot buy the American people. Carl Rove altimately will end up in Jail for destroying American democratic process.

[RollotheNorman]

Well, I don't know about that. But old Carl might find himself in a significant bind with the IRS. Crossroads is airing ads targeted at specific politicians - a no,no for Crossroads particular setup.

[ludvig1-2009]

Oh well, Meg Whitman outspent the frugal Jerry Brown and what good did that do her?