The Washington Post offers this important report, which echoes a point I made a week ago. Stop thinking of the money race as Obama v. McCain. Start thinking of it as Obama + DNC v. McCain + RNC (with state parties coming in on both sides as well). Thinking of it that way, Obama’s money advantage evaporates.
(And we should stop focusing on the $400 million Obama number. Much of that money is gone—spent on the primary and on early general election action. Much more important is Obama’s current $77 million cash on hand going into September, and more money rolling in.)