Barack's New Record

Barack Obama raised wild amounts of money in August, even as the wheels were coming off of his campaign.

Senator Barack Obama raised $66 million last month, aides said Sunday, the most prolific fund-raising month of his presidential candidacy but still just a baseline for what the Illinois Democrat has to raise every month to meet his campaign’s goals in an exceptionally close and hard-fought race.

Barack's going to need the money as he tries to reclaim the change mantle, hijacked by John McCain's choice of Sarah Palin, and to try to calm the frenzy of excitement that has shifted away from him and onto the GOP ticket. By the way, the GOP isn't doing too bad financially, either.

DNC spokeswoman Karen Finney says the party raised more than $17 million and has $17.5 million on hand, having spent more than $28 million last month, largely on the Democrats' ground game.

That cash figure is a fraction of the $110 million a Republican official says it has, which includes transfers of money McCain is no longer allowed to spend and money from state fundraising vehicles.

As the first candidate to ever opt out of the federal campaign finance system, Barack forfits $86 million in tax dollars and gets to spend as much as he can raise.

The disparity shows the Republicans' continued edge with the wealthy donors who can give in five-figure chunks.

More money does not necessarily matter, however, as Larry Sabato, director of the Center for Politics at the University of Virginia advises.

“Some of the biggest spenders in American politics have lost to candidates spending much less. But every campaign would rather be the one with more money. The cash buys not just the TV ads but the large on-the-ground staff operations that can add a point or two to your turnout on Election Day.”