Obama, DNC raise $68M for last 3 months of 2011

WASHINGTON (AP) — President Barack Obama raked in more than $68 million combined for his re-election campaign and the Democratic Party during the final three months of 2011, gearing up for a formidable challenge against his Republican opponent later this year.

The large fundraising quarter helped Obama's campaign and the Democratic National Committee surpass $220 million in 2011, bankrolling the president's re-election campaign as Republicans settle on a nominee. Republican frontrunner Mitt Romney raised $56 million for the primary through Dec. 31, his campaign announced Wednesday, far outpacing his GOP opponents.

Jim Messina, Obama campaign manager, said today in a video to supporters that the campaign collected more than $42 million for the quarter, with the DNC bringing in more than $24 million, along with $1 million for a joint fund to help state parties in key states. The amount helped the president's team beat an internal goal of $60 million combined for the quarter.

Obama's campaign collected $750 million in 2008, prompting speculation that it could top $1 billion this time. Messina said the lofty figures have created "a challenge that keeps coming up. Too many Obama supporters think we don't need their money or they don't need to give now."