Obama may be setting records with his fund raising, but he’s going to have to do better than he’s been doing if he wants to stay afloat.

While Obama’s campaign coffers are brimming, an effort to funnel money into battleground state party committees lags far behind campaign goals and Republican giving. . . .

“It’s a logistically challenging fundraising environment they face, because time is not on their side and their goals are so ambitious,” said Anthony Corrado, an expert on money and politics.

“Do the math. They have to raise about $3 million a day” to reach an estimated target of about $200 million, he added.

That helps explain why a steady stream of electronic donation appeals was flying out of the Obama headquarters throughout the Democratic convention in Denver.

As I’ve mentioned before, the point a lot of the media is missing as they fawn over Obama’s admittedly gaudy fund raising totals is that he has to spend massive amounts of money to raise massive amounts of new revenue.  Mailings, websites, dinners, emails, phone banks and speaking events aren’t free.  Plus, Obama’s campaign is spending money at a burn rate of approximately 80%.  He’s got more campaign offices in North Dakota than the state has electoral votes, and his campaign staff is three times the size of McCain’s.

Meaning that while the $66 million Obama raised in August is a big number, it’s just barely adequate in terms of what he needs to keep the campaign running.

Meanwhile, on the Republican side of things:

Meanwhile, Alaska Gov. Sarah Palin’s selection as McCain’s running mate has lit up the Republican National Committee’s online fundraising, creating a vibrant and fresh source of income to add to the party’s already formidable big donor program.

RNC officials said Internet donations have quadrupled since Palin joined the ticket.

Obama is lagging in the polls.  His most recent attacks on McCain has come off as childish, desperate and mean-spirited.  And even as he tries to right this thing both he and his campaign must constantly scramble to raise enough money from already thoroughly-tapped supporters to keep everything running.

Make no doubt about it: Barack Obama is in a tight spot.