DNC has good month, thanks to Obama

The Democratic National Committee (DNC) took a small step in closing the fundraising gap with its GOP rivals, pulling in more money in May than the Republican National Committee (RNC).

On the back of a Beverly Hills fundraiser featuring President Obama, the DNC pulled in $8.37 million last month, ending the month with $12.1 million in the bank.

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Democrats are in the black, but the committee still carries significant debt of $5.6 million. The DNC is in debt to several major pollsters for hundreds of thousands of dollars and owes a little over $4.4 million on a loan with Bank of America.

The RNC raised $5.7 million last month, ending May with $21.5 million cash on hand. The committee, which has long had a vaunted small-dollar donor program, took in an average contribution of just $40 during the month.

The RNC's cash reserves actually sank over the past month; at the end of April, the committee showed $24.4 million in the bank.

But part of that dip can be attributed to the RNC sharing the wealth. In May, the RNC gave $1 million to both the National Republican Senatorial Committee and the National Republican Congressional Committee, the second time this year chairman Michael Steele has cut seven-figure checks to the two committees.

It is just the second time this year Democrats have outraised their Republican rivals, and the difference between the two committees' fundraising performance remains stark. The RNC has raised $36.8 million this calendar year, while the DNC has raised $27.1 million.

Meanwhile, the two Senate committees will report largely the same amount of money raised in May. The NRSC will file reports showing $4.5 million in receipts, meaning the committee raised $3.5 million in addition to the RNC's contribution. The NRSC has $3.7 million in the bank and zero debt.

The Democratic Senatorial Campaign Committee will report raising $3.45 million, a shade under the NRSC's total. The DSCC continues to pay down its debt, but the committee remains in the red. With $4.17 million remaining to pay off, the DSCC reported $4 million in the bank as of the start of this month.

 -- This story was updated at 10:53 a.m.