July has ended, and both the Republicans and the Democrats have already released figures on the amount of money they have raised throughout the month. The results show the Republicans are still far ahead of the Democrats financially.

President Obama and the Democratic Committee announced they raised $75 million in July for the president’s reelection campaign. Mitt Romney and the Republican National Committee trumped this by raising more than $101 million.

This makes July the third straight month in which the Republicans raise more money than the Democrats. In May the Republicans raised $76.7 million; the Democrats on the other hand raised close to $60 million. In June it was the same story, the Republicans raised $106 million and the Democrats managed $71 million, the gap widening since May.

An interesting fact is that Senator McCain failed to outraised President Obama in the 2008 election.

Obama’s campaign has announced that 98 percent of the money raised so far has come from people who donated $250 or less. Romney’s campaign on the other hand confirm that only about 26 percent of the money they raised came from donations of $250 or less.

Romney’s campaign is very optimistic about their funds; they announced they have almost $186 million in cash on hand.

The July reports were released just before President Obama was set to leave to Connecticut, where he had was gonna attend an event on August 6 in which he expected to raise $2.5 million. Hollywood has shown its support for Obama and one of the events took place in the house of the film producer and studio chairman Harvey Weinstein, and he is joined by Anne Hathaway, Joanne Woodward and writer Aaron Sorkin who were also hosting.

This event was a $38,500-a-head fundraiser, in which about 60 people were expected. The event was hosted at Weinstein beachfront property, and they expected to raise $2 million.

Connecticut is a State that usually votes Democratic, but it has also been a big source of incomes for Mitt Romney. During a trip in May through Connecticut and New York, he raised more than $10 million.

Romney’s level of fundraising has made president Obama, who in the past did not have any kind of trouble raising money, redouble his efforts.  The elections are very tight, and the election day is only three months away. Mitt Romney still has not announced who will be his running mate; he is expected to do it before the Republican National Convention. This announcement could be even more decisive in his aspirations than the fundraising.

Image Courtesy of  Gage Skidmore

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