Via Politico:

President Barack Obama’s campaign and the Obama Victory Fund spent $15 million more than they raised in May, campaign finance reports show.

The campaign and the Obama Victory Fund, a joint fundraising committee with the Democratic National Committee, raised more than $54 million last month, but they spent $69 million.

The committees spent $34 million on advertising and the rest on various expenses including payroll, travel, food, and equipment.

Most of the ad budget – $29 million – was spent on traditional television advertising and the costs of making those ads, representing a shift to the general campaign after Mitt Romney cinched the Republican nomination. But the campaign continued to spend big on online advertising, dropping more than $5 million last month.

The campaign and the Obama Victory Fund had $114 million cash on hand at the end of May.

The DNC raised an additional $6.7 million last month, and the Obama campaign transferred $13.3 million, bringing the committee’s total haul in May to about $20 million.

Obama’s fundraising last month was also powered by high dollar events with celebrities like George Clooney.