You're reading: Romney, Perry top Republican fundraising race

Front-runner Mitt Romney has raised more than $14 million — almost as much as challenger Texas Gov. Rick Perry — in the fierce Republican presidential campaign after a summer of fundraising amid voter anger over jobs and the economy.

However, the $30 million combined the two candidates raised from July-September is not nearly as much as the $70 million raised by the man they hope to replace in the White House, Democratic President Barack Obama.

The Republican candidates’ reports, due Saturday, offer the first broad look at their financial health. They are the first official tallies of donations and expenses for contenders Perry, Minnesota Rep. Michele Bachmann, former Utah Gov. Jon Huntsman and businessman Herman Cain.

Obama has been faced with declining poll numbers and a weakened economy during the summer, prompting the president to recently call himself the "underdog" in the race. But his formidable re-election war chest will help him combat any Republican challenger.

Romney, a former Massachusetts governor, on Friday reported roughly $14 million in contributions during the July-September period and had nearly $15 million on hand. Texas Gov. Perry, who briefly surged to the top of the Republican presidential field this summer, has roughly the same in the bank, having raised about $17 million during the first few weeks of his campaign.

Still, the Republican candidates’ fundraising efforts lag behind the man whose job they want: Obama raised more than $70 million for his re-election and the Democratic Party — $42.8 million for his own campaign and $27.3 million for the Democratic National Committee.

Not counting major support from Republican-leaning super political action committees, the virtual tie between Romney and Perry for cash on hand means the two have similar amounts to spend on ads and travel just months before heading into key primary states. Obama can save most of his $70 million for next year because he does not face a primary opponent.

Perry is expected to dig into his campaign funds to buy TV ads to Romney’s record on health care, abortion, gay rights and job creation. His campaign suggested this week that the moment for a barrage of attack ads was near.

Romney, the former governor of a predominantly Democratic state, has been attacked for his shifting positions on social issues that are held dear by conservative voters who dominate the Republican primary season.

Obama’s fundraising total announced Thursday exceeds a goal set by the campaign of $55 million for the July-September fundraising period but is about $16 million less than Obama raised during the April-June quarter.