Obama, Romney engage in spending Cold War during presidential battle

Obama is facing fundraising trouble as well with Priorities USA struggling to pull in donations, Politico reported in May. The bulk of Priorities USA Action's money came from labor groups such as the National Air Traffic Controllers Association PAC ($1 million) and the United Association of Journeymen and Apprentices of the Pipe Fitting Industry ($250,000). In February, The Hill reported that lobbyists who have been barred from fundraising for the president are not donating to his super PAC instead.

"Did a great 'huzzah' go up among lobbyists when it was apparent that although we can't give to the Obama reelect directly, we can (give) to the super PAC that shared that goal? No," said Robert Raben, the president and founder of the Raben Group. "I do want the president to be reelected, but I already give a lot of money to congressional candidates."

Democrats may now expect to be outspent in the election, but they are still focused on the ultimate goal: the president's reelection.

"While we won't match the Republican attack machine dollar for dollar, as long as Democrats continue to step up, we will have the resources we need to make sure voters understand the devastating impact a Romney presidency will have on the middle class," Bill Burton, the co-founder of Priorities USA, told The Hill in May.

"We don't find any of this intimidating," another Obama donor said. "We will be prepared. If they think they're going to scare us, they haven't met us."