Romney leads the race for White House campaign cash

Campaign finance reports released on Saturday offered the first detailed look at the haves and the have-nots among the Republican presidential candidates, with just over a year left in the race for the White House.

Two of the top Republican contenders – the former Massachusetts Governor, Mitt Romney, and the Texas Governor, Rick Perry – have, together, brought in more than $30m. Meanwhile, businessman Herman Cain – who has surged into the top tier of candidates in recent polls – raised significantly less.

The reports reveal how flush some Republican candidates are with cash — and how nearly broke others are. Campaigns increasingly need money to pay for television ads and staff in the final weeks before contests in key primary and caucus states.

Reports filed late on Friday offered a mixed picture, with President Barack Obama raising more than $70m through his campaign and the Democratic Party. At the same time, Republican candidates raised a combined $52.6m.

Mr Obama faced declining poll ratings and a weakened economy during the summer, which prompted the President to call himself the "underdog" in the race. But his formidable re-election war chest will help him combat any Republican challenger.

Mr Obama can save most of the money raised for next year, because he will not be facing a primary opponent. AP