August 29, 2014
Barack Obama reversed a two month trend in June, by raising more money and spending less, a tangible result of clinching the Democratic nomination.
The Illinois senator reported bringing in $52 million in June, more than twice the nearly $21.5 million raised by Republican rival John McCain. Obama had $72 million in cash on hand to McCain's $27 million, according to their reports with the Federal Election Commission.
Obama filed his financial document Sunday; McCain on Friday.
The different financial pictures reflect two distinct strategies by the campaigns. McCain plans to accept $84 million in public funds for the fall presidential campaign, a move that prevents him from raising or spending any more money above that sum.
Obama has decided to the bypass the public finance system, the first major party presidential candidate in three decades to do so in the general election. That means Obama needs to build up his cash reserves going into the fall campaign, whereas McCain needs to deplete his.