The Democratic Party and President Barack Obama raised $60 million last month, up from the $43.6 million raised in April. Some 572,000 people contributed to the party and President's re-election campaign in May, bringing the total number of donors to about 2.2 million. Republican Mitt Romney has not released fundraising numbers for May just yet.

In total, President Obama, the Democratic National Committee and other state-based groups have raised some $450 million in funds for the President's re-election campaign thus far.

UPDATE 1 (6:18 p.m.): Republican presidential canidate Mitt Romney and the GOP party has beaten out President Obama and the Democrats in fundraising for the first time, pulling in $76 million.

Obama Campaign Manager Jim Messina sent a message to Obama supporters urging them to continue donating to the re-election effort, stating the following:

We know that only 15 percent of Romney's May totals came from people giving less than $250, compared to 98 percent in that category for us.

We don't have the special-interest and high-dollar donor advantage that Romney has. Barack Obama has you, and we are bound and determined to fight back on behalf of a country where everyone gets a fair shot and a fair shake.

From the beginning we've built this campaign together, from the bottom up. More people giving a little bit is the only way to compete with a few people giving a lot.