President Obama has exceeded his campaign contribution goals for the third quarter.

Obama's re-election campaign raised more than $70 million over the summer, surpassing the $55 million goal set by his campaign. 

"If I could sum up this last quarter in a few words: You came through," Obama campaign manager Jim Messina wrote in an email to supporters.

Still, the amount is about $16 million less than the president raised during the first fundraising quarter.

Some say that the difference shows the challenges the president faces with declining poll numbers and a weak economy.

It also recently prompted the president to call himself the "underdog."