Will President Obama let Mitt Romney off the mat? In other words, will Obama be able to use a massive advertising blitz to define Romney when he is most vulnerable, or will his campaign and allied super PAC be resource-constrained?

So far, despite all the Republican hooey about how much money Obama will have, his super PAC has raised only $10 million dollars, which couldn’t get a senator reelected in most places. If it wants Obama reelected, or perhaps, better stated, if it doesn’t want President Romney, it’s time to get moving.

Here's the speech Jim Messina or David Axelrod might fantasize about giving to donors sitting in judgment on the sidelines:

“All of you know a lot about the fields you have excelled in: business, entertainment, philanthropy. You are experts, true giants, who seize opportunity faster and smarter than your competitors. But you don’t know jack about politics if you think you can wait to get in this game. Sure, right now, Romney is sucking wind; the primaries hurt him so bad maybe you all think he's a loser. If you do, it’s more proof you don't know what you're talking about.

“In a month, almost all the polls will show this race as dead even unless we do what we need to do, which is to define Romney and keep our foot on his neck. It’s like when they had Osama surrounded in Tora Bora; they let him escape and it cost millions more to capture him.

“Maybe the analogy’s harsh, but we're like a business that knows how to beat our competitor, but we don’t have the money to do it. But you do.

“Instead of waiting until Romney is strong again, and it will take even more money and time to define him, let's go for the knockout. Now.”