President Obama raised $114 million in August, narrowly beating Mitt Romney's $111.6 million.

It's the first time in four months that Obama has surpassed Romney in fundraising, and the first time Obama has raised more than $100 million in a month. Romney raised more than $100 million in June, July and August. 

"The key to fighting back against the special interests writing limitless checks to support Mitt Romney is growing our donor base, and we did substantially in the month of August," Obama campaign manager Jim Messina said in a statement. 

Both totals include money raised by party committees, which are allowed to take in more cash than the candidates themselves. Romney has been beating Obama in fundraising since his first full month of joint fundraising with the Republican National Committee in May. 

While he raised less than Obama last month, Romney also had his best month yet. 

“Americans are not better off than they were four years ago and they are looking for a change of leadership," Romney campaign finance chair Spencer Zwick and RNC Chair Reince Priebus said in a joint statement.