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Democrats fundraising slowed by debt talks

The Democratic party's fundraising slowed last month, hurt by the cancellation of events headlined by President Obama as he negotiated a debt ceiling deal with Republicans.

The Democratic National Committee raised $6.7 million in July, including $2.2 million for the Obama Victory Fund, a joint fundraising account by the committee and Obama's campaign. The Republican National Committee raised $6.1 million during the month.

Summertime typically is a slow period for political money because many donors are on vacation and few events are held. July was the Democratic committee's lowest monthly amount since Obama launched his re-election campaign in April. The party raised about half of what it had collected in previous months.

Obama did not attend any fundraisers in July, and Democratic officials said most of the Victory Fund money came from events held by first lady Michelle Obama, Vice President Biden and others. At the end of last month, the party reported $20.1 million in the bank.

The Republican National Committee ended the month with $7.6 million in the bank.

Obama's campaign and the Democratic Party raised a combined $86 million during the quarter that ended in late June, giving the president a large money advantage over any potential Republican rival.

The campaign had to cancel 10 events while Obama and his staff remained in Washington for the showdown over raising the government's debt limit. As a result, the campaign has said it does not expect to raise as much in the summer as it did during the spring.

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