The $52 million figure may not be a disaster for the Obama campaign, but it is hardly a success. Not just because it’s far below what the Obama campaign projected in June. It’s a disappointment because it includes general election contributions from those who had previously maxed out. Remember also that unlike the money McCain is raising, which has to be spent by the time he receives $84 million in public financing, Obama’s money needs to last all the way through the election.

With a burn rate of $42 million a month, Obama’s campaign can just barely sustain its current levels of spending. And what’s leftover may not be adequate to run the kind of campaign he needs to win. Just consider despite all the money he’s raised, Obama has been outspent on television by 3 to 1 in the last two months. All the stagecraft and theatrics has come with a hefty cost.