Obama campaign senior adviser David Axelrod claimed Sunday the campaign is spending money at a lower rate than the Bush campaign did in 2004.
But the New York Times reported Sunday the Obama campaign has "spent more campaign cash more quickly than any incumbent in recent history" — $400 million between the beginning of 2011 and June 30, 2012, including $86 million on advertising.
WALLACE: Where is this campaign right now, both sides? The New York Times reports that you guys in Chicago have spent $400 million so far and that Romney is going to go into the fall campaign with considerably more money than you guys.
AXELROD: I have always said we would be outspent in this campaign. As for the Times story, we have spent money at a lesser rate than the Bush campaign did in 2004, but we all have our strategies. We think organizing at the grass roots is key to our chances. They think money is the key to their chances and the super PACs and all of the resources they can bring to bear behind the negative ads. We'll see who wins in November.