Obama raises a record $66 million in August

Barack Obama raised $66 million for his presidential campaign in August, surpassing his previous single-month record and setting him up to outspend John McCain for the final stages of the presidential race.

Sen. Obama's (D-Ill.) biggest haul had been the $55 million he raised in February, during the Democratic primaries. Obama's August total, announced by his campaign on Sunday, brings his cash on hand to $77 million.

{mosads}Sen. McCain's (R-Ariz.) campaign raised $47 million in August. But unlike Obama, the GOP nominee can spend only the $84 million in public funds given to him during the final two months of the general election. Obama opted out of the public campaign finance system, allowing him to raise more money privately and sidestep the public finance spending limits. Should Obama maintain his current fundraising pace in September and October, he would have far more money to spend than McCain.

Obama's campaign also added 500,000 new donors in August. More than 2.5 million people have now given money to the Democrat for his White House bid, which Obama's campaign manager David Plouffe has pointed to as evidence of his grassroots appeal.

"The 500,000 new donors to the Obama campaign demonstrate just how strongly the American people are looking to kick the special interests out and change Washington," Plouffe said.