AP
Last updated: 7:21 am
July 18, 2008
Posted: 3:33 am
July 18, 2008
WASHINGTON - Barack Obama raised $52 million last month for his presidential campaign, more than twice as much as rival John McCain, in a significant boost to his financial cache for the fall contest.
The Obama campaign and the Democratic National Committee ended June with a combined total of $92.3 million in the bank. The figure represents a notable fund-raising jump, especially for the DNC.
Obama reported $72 million cash on hand and the DNC $20.3 million. But the Democrats still lag Republican McCain's presidential campaign and the GOP.
Last week, McCain reported raising more than $22 million in June, which was his best month of the year. Together, the McCain campaign and the Republican National Committee began July with about $95 million in the bank.
The reason for the discrepancy - greater fund-raising by Obama and the DNC but less money in the bank than McCain and the GOP - is that until now the DNC had spent much of its money, leaving little cash on hand.
Unlike McCain, Obama has chosen to bypass the presidential public financing system for the fall campaign, which would have provided him with $84 million but would have prevented him from raising private money.
