Obama Fund-Raising Looks Better Than It Is

Despite huge headline numbers for Obama's campaign, the presidential money race is closer than it appears.

The reports out for June appear to give Obama a big edge, with his campaign bringing in $52 million, more than double the whisper number. McCain collected $22 million, as expected.

But Obama actually trails McCain in two respects. First, the Republican National Committee (RNC) and state Republican parties have been raising money to spend to help support McCain. The RNC has outperformed the Democratic National Committee (DNC) so far.

Second, the combined Republican effort has more cash on hand. According to reports from the Associated Press, McCain and the GOP have $95 million on hand. Obama and the DNC together have $92 million in cash on hand after significant spending in the final months of the campaign to beat Sen. Hillary Clinton (D., NY) for the party nomination.

The FEC laws don't allow the candidates and the campaigns to coordinate fundraising efforts. Candidates can only take money from individual donors who are limited to $2,300 in contributions.

Both Sen. Barack Obama (D., Ill) and Sen. John McCain (R., Ariz.) have budgeted for their campaigns to run into the $400 million range or more. According to the Center for Responsive Politics, fundraising for 2008 will easily surpass previous elections.

The Obama camp, though, appears to be getting a little nervous. In an email to supporters, David Plouffe -- Obama's campaign manager -- recognized the deficit and called on supporters to donate, writing: