Obama Campaign Tops Romney in Fundraising, Raises $114M

President Barack Obama's re-election campaign and combined committees raised more than $114 million in August.

This is the first time since April that the the incumbent has outraised Republican Presidential Nominee Gov. Mitt Romney. Obama raised $75 million in July.

"No celebrating, because they're going to have an even bigger September. But now we know we can match them, doing this our way," an Obama campaign official tweeted.

Romney's campaign brought in $111 million in August, the third straight month the campaign raised over $100 million. The Romney campaign along with the Republican National Committee and state Republican parties reported having about $168.5 million in cash at their disposal.

The Romney camp said 31 percent of its total was raised through donations of less than $250.

According to the Obama campaign, 1,170,000 donated to the campaign and over three million people have donated to the campaign since April 2011. Over 300,000 people who gave to the campaign in August were supporting the Obama organization for the very first time.

"The key to fighting back against the special interests writing limitless checks to support Mitt Romney is growing our donor base, and we did substantially in the month of August,"Obama's Campaign Manager Jim Messina said in a statement.

The campaign said 98 percent of donations in August were $250 or less and the average donation was $58.31.

"That is a critical down payment on the organization we are building across the country - the largest grassroots campaign in history," Messina said.

The Obama campaign spent $58.5 million in July, with about two-thirds of that going to advertising.

Both campaigns are in the sprint to the Nov. 6 election, which is expected to be decided in fewer than 10 states where neither Romney nor Obama has a significant advantage.