Romney's not spending as much on ads as you think

Despite what appears to be a plump bank account and an in-house production studio that cranks out multiple commercials a day, Mr. Romney’s campaign has been tightfisted with its advertising budget, leaving him at a disadvantage in several crucial states as President Obama blankets them with ads.

One major reason appears to be that Mr. Romney’s campaign finances have been significantly less robust than recent headlines would suggest. Much of the more than $300 million the campaign reported raising this summer is earmarked for the Republican National Committee, state Republican organizations and Congressional races, limiting the money Mr. Romney’s own campaign has to spend. …

In some states the disparity is striking. Mr. Obama and his allies are handily outspending Mr. Romney and the conservative “super PACs” working on his behalf in Colorado, Ohio and New Hampshire.