President Obama is burning through more campaign cash than any incumbent in recent times in what political observers say is an unprecedented effort to seize momentum with major investments in a ground game based on personnel, field offices and high-tech infrastructure.

But that cash advantage is evaporating, and Obama could be in dire straits in the home stretch after Labor Day. Mitt Romney and the Republican National Committee have about $25 million more cash on hand than the Democrats as of the beginning of July.

Since January, Democrats have spent almost $50 million subsidizing Democratic state parties to hire workers, pay for cellphones and update voter lists, The New York Times reports. Tens of millions have been put into polling, online advertising and software development to turn Mr. Obama’s fallow volunteers corps into a grass-roots army.

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