President Barack Obama spent more on his re-election effort last month than he raised, ending May with $109.7 million cash on hand, according to U.S. Federal Election Commission reports filed today.

The $39.1 million his campaign took in was outpaced by $44.6 million it paid for television advertisements, employees, offices and other expenses, the reports show. The spending rate is a reversal from the past three months, when the campaign was taking in millions more than it was spending.

In a sign the campaign is intensifying, the $44.6 million that Obama’s re-election campaign spent in May is more than the $42.9 million he spent in the previous three months combined.

via Obama Spends More Than He Raises as Aides See Romney Advantage – Bloomberg.