President Obama and the Democratic National Committee have raised more than $86 million for his 2012 re-election campaign.
According to campaign manager Jim Messina, the amount is $26 million more than they planned to raise. Obama launched his campaign in April with the goal of raising $60 million.
"We have reason to be proud of what we've built so far but it's going to get tougher from here," Messina said in a video posted on YouTube early Wednesday.
He estimated that outside spending by GOP groups could exceed $500 million.
Republican candidates have collectively raised about $35 million so far.