Obama’s campaign war chest pales before Romney’s

US: President Barack Obama's campaign has $60 million less than that of Republican rival Mitt Romney, official figures showed Tuesday, following heavy spending on advertising and a fundraising lag.

In a monthly report for July filed with the Federal Election Commission, Obama claimed reserves of $124 million divided between the president's campaign and his Democratic Party.

Earlier this month the Romney campaign said it had $186 million, more than 50 percent more than the incumbent, as the campaigns ramp up for a final stretch ahead of the November 6 election.

Romney has outstripped Obama in fundraising in each of the last three months and netted $7 million over the weekend during a two-day swing through Massachusetts, where he served as governor from 2003-2007.

The Democrats have meanwhile spent heavily on advertising in the increasingly negative campaign, with each candidate struggling to convince voters his opponent is unfit to lead at a time of economic distress. AFP