In May, President Obama had to dip into his campaign cash reserves for the first time in order to finance his massive and very expensive re-election effort.

Despite an unprecedented number of fundraisers by the president and a campaign organization constantly working to grind out $3 or $5 contributions from supporters online, Obama started May with $115 million in the bank, but ended with $110 million. He took in $39 million, but spent $44.6 million.

That’s still a tremendous amount of money, but Obama now faces the reality that Republican Mitt Romney is catching up fast. Romney and the Republican National Committee brought in almost $77 million in May, far outstripping the $60 million combined for Obama and his party. The RNC now boasts $61 million in cash reserves. That’s not $110 million, but it’s getting closer.

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