Obama's money plea: 'we can't be outspent 10 to 1 and still win

Mitt Romney out-fundraised President Barack Obama by $16 million in May. It was the first time Romney raised more money and that's making things uncomfortable for the President's reelection camp.

In an email to supporters today Obama said he "will be the first president in modern history to be outspent in his re-election campaign, if things continue as they have so far."

He continued: "We can be outspent and still win -- but we can't be outspent 10 to 1 and still win."

Read the full email after the jump.

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I will be the first president in modern history to be outspent in his re-election campaign, if things continue as they have so far.

I'm not just talking about the super PACs and anonymous outside groups -- I'm talking about the Romney campaign itself. Those outside groups just add even more to the underlying problem.

The Romney campaign raises more than we do, and the math isn't hard to understand: Through the primaries, we raised almost three-quarters of our money from donors giving less than $1,000, while Mitt Romney's campaign raised more than three-quarters of its money from individuals giving $1,000 or more.

And, again, that's not including the massive outside spending by super PACs and front groups funneling up to an additional billion dollars into ads trashing me, you, and everything we believe in.

We can be outspent and still win -- but we can't be outspent 10 to 1 and still win.

More than 2.2 million Americans have already chipped in for us, and I'm so grateful for it. As we face this week's fundraising deadline, will you make a donation of $3 or more today?

Every donation you make today automatically enters you to join Michelle and me for one of the last grassroots dinners of this campaign -- today is your last chance to get your name in.

These dinners represent how we do things differently. My opponent spent this past weekend at a secretive retreat for the biggest donors to both his campaign and the super PACs that support him.

I've got other responsibilities I'm attending to.

Donate today to stand for our kind of politics: ...

Thank you,

Barack