Updated at 8:43 p.m.

President Obama’s campaign spent heavily in May and shelled out more than it raised, according to a report filed Wednesday with the Federal Election Commission.

The report shows Obama’s campaign raised $39.1 million for the month and spent $44.6 million, seeing its cash on hand fall to $109.7 million. Much of the heavy spending is likely due to an aggressive early advertising campaign launched in early May that promised to spend $25 million over the course of a month.

This is the second time this year that the Obama campaign has spent more than it raised in a given month; it did the same in January.

Obama raised a total of $60 million between his campaign and the Democratic National Committee, which also filed its report Wednesday. The DNC reported a total of $20 million raised and $29.7 million cash on hand.

Mitt Romney’s campaign, meanwhile, has reported that it pulled in nearly $77 million for his campaign and the Republican National Committee.

Romney’s campaign raised $23.4 million and had $17 million cash on hand, while the RNC raised $34.4 million and had $60.8 million cash on hand.

The joint fundraising committee for Romney’s campaign and the RNC did not have to file a report Wednesday, but his fundraising suggests it maintains significant cash reserves as well.