This news comes as no surprise considering the federal budget deficit.
President Barack Obama spent more on his re-election effort last month than he raised, ending May with $109.7 million cash on hand, according to U.S. Federal Election Commission reports filed today.
The $39.1 million his campaign took in was outpaced by $44.6 million it paid for television advertisements, employees, offices and other expenses, the reports show. The spending rate is a reversal from the past three months, when the campaign was taking in millions of dollars more than it was spending.
The Obama campaign still has quite a bit more money in the bank than the Romney camp, but that doesn’t stop them from complaining about Romney’s fundraising.
Update: Linked by Heritage Action – thanks!