Republican presidential contender Mitt Romney raised more campaign cash than President Obama for the third straight month, prompting the president to intensify the already record-setting pace of his fundraising.

Romney's campaign took in $101.3 million in July. Obama, who began his re-election campaign with talk of raising a record $1 billion, raised $75 million in that same period.

Obama's camp is now talking up its position as financial underdog just three months ahead of Election Day.

"We expect to be outraised," Obama campaign spokeswoman Jen Psaki told reporters before a pair of Connecticut fundraisers Monday evening. "Our focus is on ensuring we have the resources and the tools to build the biggest grass-roots campaign in history."

The Romney campaign and Republican National Committee reported a total of $186 million in cash on hand following the latest fundraising push. Obama's surrogates refused to say how much money they had left in the bank, though they'll have to reveal those figures in finance reports due Aug. 20.

Perhaps most troubling for Obama is that he is burning through his campaign cash at a record pace.

In June, the campaign spent $58 million, including $38 million on television advertising alone. Heading into July, Obama's war chest was $23 million smaller than Romney's.

To help offset Republican gains, Obama on Monday turned to his supporters with the deepest pockets -- Hollywood.

Movie mogul Harvey Weinstein on Monday threw a Connecticut fundraiser for Obama -- hosted by actress Anne Hathaway and screenwriter Aaron Sorkin -- that was expected to generate more than $2 million for the president's re-election campaign.

Obama has long been warning Democrats that they were trailing the Republican super-PACs that are helping fuel Romney's campaign. But Romney's recent surge in fundraising now raises questions about whether his campaign operation itself will out-produce an incumbent president's.

"If we don't win this election, it will be because we didn't close the spending gap when we could," Vice President Joe Biden warned in a recent fundraising appeal, reflecting the urgent tone adopted by top brass at Obama's Chicago campaign headquarters.

"If we don't step it up, we're in trouble," a campaign email warned Monday.

In addition to Monday's fundraisers, the president will spend Wednesday and Thursday in Colorado raising cash.

Obama's aides note that 201,000 donors last month were first-time givers -- a sign, they say, of the president's growing support. Still, the totals did little to blunt Romney's fundraising edge, which includes millions of dollars raised during his overseas trip and the deluge of donations to super-PACs.

"No way to spin it -- a big day for Mitt Romney," said one Democratic strategist. "But it's one thing to have money and another to spend it the right way. Republicans shouldn't be getting cocky."

Yet, team Romney was in a gloating mood after news of yet another fundraising windfall.

"Mitt Romney has $185.9 million in the bank," Romney spokesman Ryan Williams tweeted. "So how much cash on hand does Barack Obama have now?"