Romney, Republicans again outraise Obama in July

US Republican presidential candidate Mitt Romney and the Republican National Committee raised $101.3 million in July, once again outpacing President Barack Obama and Democrats with a big month of financial strength ahead of the Nov. 6 election.

Obama's campaign and the Democratic National Committee raised $75 million in July, lagging for the third straight month as Democrats brace to witness Obama become the first incumbent to be outspent in the final stretch of the campaign.

Continuing to rely largely on big donors, the Romney campaign, the RNC and state Republican parties involved in the joint fundraising effort had $185.9 million left in cash on hand at the end of last month. Obama's campaign has not disclosed its cash on hand at the end of July.

Overall, Obama and the Democrats are still ahead in the race for cash, having raised about $627 million compared with some $495 million raised by Romney and the Republicans.

But that advantage, typically enjoyed by a sitting president running for re-election, is quickly fading away.

Romney is to be formally nominated as the Republican candidate at the party's convention in Tampa, Florida, this month. At that point, he can begin spending much of his massive haul, so far restricted from use by a campaign finance law, in what is expected to be the most expensive US campaign.

He is running neck-and-neck with Obama in the polls. The former Massachusetts governor will soon announce his vice presidential running mate, which the campaign hopes will provide a boost of enthusiasm for the Republican ticket.

Romney has been boosted by deep-pocketed "Super PAC" allies -- outside groups that can raise unlimited funds and largely help candidates by running negative ads -- who have crushed rival Democratic groups with their financial power.

In June, Romney brought in $106 million, more than Obama's haul of $71 million. At the end of last month, Obama and his allies had about $144 million left in cash on hand, lagging about $26 million behind Romney and his Republican Party allies.