President Barack Obama’s campaign burned through more money in July than it took in.
Obama for America spent nearly $59 million last month, while raising $49 million, according to federal campaign finance reports filed Monday.
Such a cash burn illustrates the heavy spending Obama’s campaign has made this summer in advertisements designed to promote his own image and parry attacks from Republican presidential candidate Mitt Romney and right-leaning outside groups. Obama also continues to invest in his massive national ground operation.
The committee ended the month with about $88 million in reserve and nearly $3 million in debt.
The Democratic National Committee, meanwhile, raised nearly $10 million in July – less than half the amount the committee collected in June, according to federal reports filed by the committee today.
The committee spent nearly $32 million in July, leaving $15.4 million in its reserves. Most of its expenditures went toward polling, telemarketing and salaries. It also ended the month $4.5 million in the hole.