Obama Campaign Is In Worse Shape Than It Looks

One strains, studying the entire history of presidential elections, to think of a president who was re-elected under such economic conditions as prevail in the U.S. today. Now, with June's campaign finance data trickling out, we can add the grotesque financial mismanagement of the Obama campaign as another factor counting against the president in addition to those historic headwinds.

Last time around, Mr. Obama argued that his successful management of his campaign was proof that he was up to the administrative challenges of the presidency. Now, with months of evidence to back us, his opponents can convincingly argue that, in fact, his campaign shares the defects of his administration: out-of-control spending over the long term followed not by spending reductions, but instead by a frantic search for more money, wherever it might be found.

We don't know the final numbers for June yet. But here is what we do know. The Romney campaign and the RNC, smashing records, finished the month with around $160 million in cash on hand after raising $106 million over the last month. The Obama campaign raised $71 million in June after finishing May with $109 million in cash on hand. Figuring out the Obama campaign's present cash level is a matter of simple algebra -- $109 million plus $71 million minus X, X being the amount spent in June.

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