MIAMI (CBSMiami) – The presidential race is still months away, but the money continues to pour into both campaigns. But for the first time, President Obama is getting outraised by his Republican counterpart.
Republican nominee Mitt Romney and the Republican party raised a combined $76.8 million for his campaign in May alone. President Barack Obama and the Democratic Party raised a combined $60 million in May for his re-election campaign.
The May fundraising numbers for both candidates exceeded April when President Obama barely edged Mitt Romney in fundraising, $43.6 million to $40 million. Romney almost doubled his fundraising haul from April to May.
So far, President Obama, the Democratic National Committee, and other state-focused have brought in roughly $450 million during the 2012 election cycle. It’s widely expected that both campaigns will try to raise upwards of a billion dollars.
According to President Obama’s campaign staff, more than 572,000 people donated in May which brought the total number of donors for his re-election to 2.2 million.
Democrats have been privately worrying that no matter how much money President Obama can raise, the unlimited funding of Super PACs that favor Republicans will completely neutralize them.
Democrats now have to worry about being able to keep up with the Republican campaign machine in normal contributions as well as Super PACs.