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Obama Raises $66 Million in August

From CBS News' Maria Gavrilovic:

(CHICAGO) Barack Obama raised more than $66 million in August and had $77 million on hand, the campaign reported this morning.

The news comes just a week after speculation that fundraising has fallen short of expectations.The campaign broke its previous record of $55 million, making August the best fundraising month to date.

John McCain raised $47 million in August, however he will recieve approximately $85 million in public funding for the general election. Obama opted out of public funding in June, instead he will raise his own money through Election Day.

While Obama broke all records with his $66 million haul last month, it's expected he'll have to do better than that in September and October to keep pace with McCain and the Republican National Committee, which has significantly more money to spend on McCain's behalf than the Democratic National Committee has to help Obama.

More details about the candidates' August fund-raising will be available after Sept. 20, when reports are due to the Federal Election Commission.

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