Mitt Romney wears his business prowess on his sleeve, telling anyone who will listen on the campaign trail that he has successfully managed companies and investment portfolios for decades. Yet his current presidential campaign finance model is upside down.
According to federal documents filed Monday night, the former Massachusetts governor's campaign spent nearly three times the money it generated in January. Even so, Romney's national campaign chairman described the operation's fundraising efforts as "on track."
The Romney for President committee spent nearly $18.8 million, compared to $6.5 million raised in January. At month's end, the Romney campaign reported $7.67 million cash on hand.
Romney's cash still outpaces his GOP rivals. In January's month-end numbers, Rick Santorum reported $1.47 million cash on hand and $956,701 in debt. Newt Gringrich reported $1.8 million in the bank with almost as much debt.
But President Barack Obama swamps them all. His re-election committee and the Obama Victory Fund reported a combined $96.6 million in available cash through January.