Meanwhile, GOP-supportive "super" political action committees - operating under relaxed campaign-finance regulations - are expected to bring in more than $1 billion this election, according to an Associated Press review of past campaign-spending data and fund-raising projections. That includes cash that outside groups have spent on expensive advertising critical of Obama.
The calculus raises the specter that Obama, who broke fund-raising records four years ago by hauling in $750 million, may be the first incumbent president to be out-raised by his opponent. Super PACs can raise and spend unlimited amounts of cash, but cannot coordinate their efforts with the candidates they support.
One group, Restore Our Future, on Wednesday reported raising $8 million in May and $64 million so far. It spent more than $55 million to defeat Romney's opponents during the GOP primary, and it plans to receive substantial contributions from both Romney's supporters and his former opponents' donors.
Indeed, the latest financial filings for one of the top pro-Romney PACs shows that while he was consolidating his position as the GOP favorite, backers of some of his opponents were shifting their financial allegiance to his cause - even as some of his loyal super PAC backers dug deeper to bankroll the campaign's operations.
Meanwhile, Obama's campaign reported $109.7 million in the bank at the end of May but spent more than it took in during the same period. The campaign collected $39.1 million and spent $44.5 million during the month. The Democratic Party, meanwhile, had $29.6 million cash on hand at end of the month, raising about $20 million during the period and spending $14.6 million.
A super PAC working in Obama's favor, Priorities USA Action, reported raising $4 million last month. The group said its contributions in May were its best monthly total so far, while calling its financial support a sign of the PAC's growing momentum.
Even with outside financial strength, Romney is taking few chances at being outspent by his opponent. His campaign is hosting a retreat in Utah this weekend for contributors who raised tens of thousands of dollars for his campaign. GOP heavyweights including former Florida Gov. Jeb Bush and former Secretary of State Condoleezza Rice are expected to attend.
