Obama has more campaign money on hand than Romney

President Obama had about $88.8 million at the end of August to spend on the presidential campaign. That's nearly twice as much as Republican rival Mitt Romney had at month's end.

Campaign fundraising reports released Thursday show Romney had $50.4 million to spend as of Aug. 31. He also owed $15 million on a $20 million loan taken that month.

Romney raised about $66.6 million in August to Obama's $84.7 million.

Both Romney and Obama spent about as much as they raised during the month of August. Romney spent about $66.4 million, while Obama spent about $83.7 million.

Romney and the Republican Party raised more than $111 million combined. That was less than Obama and the Democrats, who raised more than $114 million.