When it comes to saturating the airwaves and cable outlets with political advertisements, no entity has spent more in the 2012 presidential elections than the campaign of President Barack Obama. Through July, his campaign spent more than $111 million broadcasting its message--more than twice the $48 million spent by his GOP rival, former Massachusetts Gov. Mitt Romney. Both campaigns will disclose their itemized contributions and expenditures for August with the Federal Election Commission today.

The Obama campaign's spending dominance is another product of the fundraising advantage the incumbent has enjoyed throughout the campaign. Through July, Obama's campaign had ...