Romney Grabs $26M Lead in Fundraising But Obama spends heavily on advertising By Neal Colgrass, Newser Staff Posted Jul 21, 2012 3:21 PM CDT 90 comments Comments Republican presidential candidate, former Massachusetts Gov. Mitt Romney, speaks at a campaign event in Bow, N.H., Friday, July 20, 2012. (AP Photo/Charles Dharapak) (Newser) – President Obama's campaign is cash-light compared to Mitt Romney's, just as Mitt is showing unexpected muscle with small-dollar donors, Politico reports. Romney's campaign and fundraising committees boasted $170 million in the bank last month, $26 million more than Obama and his committees. A big reason why: Team Obama outspent his rival by $50 million in advertising over the past 3 months. Hoping to define Romney before he can get a foothold, Obama dropped $34 million on ads in May (more than it raised) and a whopping $43 million last month—when Romney spent only $12 million. Meanwhile, Romney collected almost $10 million from small donors in June, thanks in part to the Supreme Court's Obamacare ruling. And Republicans are crushing Democratic rivals in super PAC fundraising—even with Morgan Freeman's $1 million donation.