Waves of money flowing into Obama's coffers

Democrat Barack Obama raised $52 million last month for his presidential campaign, more than twice as much as Republican rival John McCain.

The Obama campaign and the Democratic National Committee ended June with a total of $92.3 million in the bank.

Obama reported $72 million cash on hand and the DNC $20.3 million. But the Democrats still lag Republican John McCain's presidential campaign and the Republican Party.

Last week, McCain reported raising more than $22 million in June, his best month of the year. Together, the McCain campaign and the Republican National Committee began July with about $95 million in the bank.

The reason for the discrepancy – greater fundraising by Obama and the DNC but less money in the bank than McCain and the GOP – is because until now the DNC had spent much of its money, leaving little cash on hand.

The $52 million is Obama's second-best fundraising month of the year – he raised $55 million in February. Of his June total, about $50 million was money that can be spent in the remaining summer primary season and about $2 million can be spent only in the fall.

That means Obama has been able to continue to tap new donors and donors who have yet to contribute the $2,300 maximum to the primary portion of his campaign. Altogether, Obama has raised nearly $340 million during his presidential run, far surpassing President Bush's record of about $269 million in 2004.

Unlike McCain, Obama has chosen to bypass the presidential public financing system for the fall campaign, which would have provided him with $84 million but would have prevented him from raising private money. McCain has agreed to accept the public money, which puts a greater emphasis on party fundraising. McClatchy Newspapers contributed.