Democrats may commence panicking with this news:

The president does not have a record to run on. He does not have a second-term agenda. He does not have a big lead in likability. And now he probably won’t have a fundraising advantage.

To make matters worse for his fans, there will be no crying about Citizens United this time. This is all about RNC and direct donations to the Romney campaign, which was pleased to announce that 93 percent of donations were $250 or less.

The mirage of invincibility, first in Wisconsin and now in what was thought to be Obama’s strength (organization and money), will and should alarm Democrats. (We will have to add “G” to the Dems’ excuse list: “They had more money.”)

It is not that Obama won’t have enough money to get his message out. At some point, you have enough. It is that the gap is evidence that enthusiasm is on the other side, and Obama’s own side has doubts that he can win. (Why throw money down the drain?)

In 2008, the left punditocracy used Obama’s fundraising prowess to tout the groundswell of excitement he generated. Now I imagine Democrats will take a different view of Romney’s haul.