The Obama campaign spent more than it raised in July, but is sitting on $123.7 million in cash, according to Federal Election Commission report filing on Monday.

Obama for America (OFA) raised $49.2 million and spent $59 million. The $49.2 million makes up part of the $75 million, announced earlier this month, that the campaign raised jointly with the Democratic National Committee.

Combined, Mitt Romney's campaign and the Republican National Committee trounced that number, bringing in $101.3 million in July.

The Romney campaign has $185.9 million in its war chest, a $62.2 million advantage over OFA.

July is the second straight month the Romney campaign and RNC have passed the $100 million mark, and is the third straight month the presumptive GOP nominee has out-raised President Obama.

With the growing separation in fundraising, the Romney campaign is in good shape with less than three months before Election Day. In fundraising pleas to supporters, Democrats have consistently noted that they will be outgunned in campaign and super-PAC spending alike.