Obama Campaign Debt Stands At $3.1 Million

President Barack Obama's reelection effort still owes $3.1 million five months after running the most expensive presidential campaign in history, according to a report filed with the Federal Election Commission on Monday.

The campaign committee's debt load dropped from $5.8 million at the end of 2012 to a little over $3 million at the end of March. Obama for America also pulled in $4.4 million in the first three months of 2013 to help pay off its debts. That is just below the $4.8 million raised by a spin-off nonprofit run by former Obama campaign aides, called Organizing for Action.

More than half of Obama for America's first-quarter revenue did not come from fundraising, however, but from sales of equipment and reimbursements from media buys by big firms like GMMB and Bully Pulpit Interactive. These equipment sales and reimbursements totaled $2.3 million.

The rest of the money was raised through the Obama Victory Fund, a joint committee that gathered in checks to be split among Obama for America, the Democratic National Committee (DNC) and several swing-state Democratic Party committees. The victory fund provided $1.95 million of the Obama campaign's January-through-March haul.

The victory fund itself raised a total of $3.2 million in the first three months of 2013. While the majority of that went to Obama for America, nearly $200,000 was sent to the DNC and more than $240,000 went to the state parties.

None of the individual debts owed by the president's campaign committee top $1 million, and the majority of the debts are owed to just a handful of consulting, media, Internet, staging, research and telemarketing companies.