Obama spends $55 million in July, highest yet

WASHINGTON Documents filed Wednesday with the Federal Election Commission show Obama raised $50 million and had about $66 million in the bank at the start of August.

Obama spent $32 million on advertising in July, his biggest single expenditure. Overall, the campaign spent more than twice as much as it did in June.

McCain reported spending $32 million in July, with nearly $2 of every $3 devoted to advertising. His FEC documents showed that he raised more than $26 million during the month. He began August with more than $21 million in the bank and $2 million in debt.

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