The Democrat had more than $77 million in the bank on Aug. 31, records show, and is on pace to raise at least $100 million more by election day.
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More significantly, Obama has used his financial edge to turn once-reliable GOP states into hard-fought battlegrounds. In that same week, according to an independent study, Obama outspent McCain by more than 8 to 1 in North Carolina and 3 to 1 in Indiana. No Democrat has won either state in more than three decades.
Obama has "stretched the playing field," said Edward Carmines, who teaches political science at Indiana University. "Now, in the last month of the campaign, Sen. McCain is having to make very tough decisions where to spend his money."
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In all, Obama has raised $454 million through August; he will easily top $500 million by election day. McCain collected $210 million in coming from behind to win the GOP nomination.
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But the advertising disparity is even larger than those figures indicate. If the Republican Party pays for half the cost of a McCain ad, then half the content is required to be general in nature, promoting, say, the GOP or its members of Congress. So, even in those states where McCain has equivalent dollars, "we don't have equivalent time," said one Republican ad maker who did not want to be identified discussing the challenges facing the party's nominee.
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Since Labor Day, the traditional start of the fall campaign, independent groups have spent nearly $15.8 million to support Obama, or oppose McCain, more than double the $5.4 million spent on behalf of McCain, according to Federal Election Commission records.
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