Obama Campaign Ran Deficit in July

(Newsroom America) -- President Obama's reelection campaign burned through more money than it collected in July, running a deficit as officials ramped up efforts against presumptive GOP nominee Mitt Romney.

According to official campaign financial reports the Obama camp spent nearly $59 million through his main campaign account — $10 million more than he raised. So far his campaign has cost $325 million, not counting the spending by Democratic Party allies and committees.

By contrast, President George W. Bush's reelection campaign had spent $205.4 million at this point in the election cycle.

Obama's reelection campaign spending is exceeding his spending pace from his 2008 race against Republican challenger Sen. John McCain.

Meanwhile, Romney's campaign has collected more in contributions than Obama for the past three months in a row.

The campaign of the former Massachusetts governor reported collecting $101 million in July, surpassing Obama by $25 million, reports said.

Since naming Rep. Paul Ryan of Wisconsin to the ticket, Romney campaign officials said he has raised more than $10 million online.

Overall, Romney has spent $165.3 million through his main campaign account since the beginning of last year. He has to wait until he is formally nominated before he can draw on his general-election funds.

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