Once Mr. Romney became the GOP nominee, the Obama high command should have expected to be outraised for a month or two. That happens virtually every time after a challenger secures his party’s nomination. For example, Sen. John Kerry outraised President George W. Bush from March to June 2004. …

The Democrats’ official fundraising numbers, released on Wednesday, showed that the $95 million cash-on-hand advantage Obama and the DNC had over the Republicans at the end of April had been cut by two-thirds at the end of May to $33 million. This is in part because the Obama campaign is burning through its war chest so fast and in part because of the impressive $107 million that the Romney campaign and the RNC announced they had on hand at May’s end. …

With his political problems mounting, the president needs to buy his way to re-election. But his schedule is increasingly filled with less productive events. For example, he recently attended six fundraisers in Maryland and Pennsylvania that yielded a little over half-a-million dollars per event. The president is learning the hard way that there is a finite number of million dollar-plus fundraisers that any candidate can have, and he has chewed up most of his opportunities.