Democrats spent 2011 and the first part of 2012 wallowing in self-pity that President Obama would be vastly outspent by Mitt Romney thanks to Citizens United unleashing an avalanche of negative ads from a financial sector angry at the president, but that hasn't happened. In fact, it's been the exact opposite. Obama aired triple the number of ads Romney did from April through late September, The New York Times' Jim Rutenberg and Jeremy W. Peters report. 

In Florida, for example, there have been 50 percent more pro-Obama ads than pro-Romney ones. In Colorado, there are seven pro-Obama ads to every five pro-Romney ones. The Obama campaign's ad-buying team is more machine-like, too. "Unlike the Obama campaign, which uses a large outside time-buying firm with about two dozen people working on the account, the Romney campaign, in an effort to save money, buys time with what is effectively an in-house operation that has at times seemed to rest on the shoulders of a single deputy, several people who have dealt with it say," the Times reports.

That's quite a change from just a couple months ago. "I will be the first president in modern history to be outspent in his reelection campaign, if things continue as they have so far," Obama wrote in a fundraising letter in June. There was a growing "Democratic Money Panic," The Atlantic's Molly Ball reported a couple weeks later. Back in December, Obama campaign manager sent supporters a fundraising email titled "they're misleading you." In response to speculation that Obama would raise $1 billion in 2012, Messina said don't be fooled by "chatter from the other side about the President's so-called "billion-dollar war chest… We do not and will not have a billion-dollar war chest." But actually, they might. The Obama campaign is on pace to raise $1 billion, the Los Angeles Times' Matea Gold reported on Tuesday. Having raised $766 million through August, she writes, "To reach $1 billion this cycle, the president would need to bring in $117 million in both September and October. That seems well within his reach: Obama’s campaign and the DNC together raised nearly $115 million in August." Romney is on track to raise a mere $900 million.