Campaign manager Rick Davis said today that the McCain campaign will report raising $27 million in July, when it files its FEC report next week. Speaking to reporters, Davis said July marks the fifth straight month McCain's fundraising increased from the prior month. With McCain accepting public financing, the campaign will be looking to spend the rest of the money in its primary account by the end of August.

"At the end of July, we still had $21.4 million cash on hand, which gives us plenty of money in addition to our ongoing fundraising to prosecute a very active campaign in the month of August," Davis said. "By the end of August...we will be able and happy to report that we have no more cash on hand in the old primary account. That being said, we will have access to over $100 million in the first week of September."

The $100 million figure includes $84 million from the government and more than $20 million from the Republican National Committee. Davis said the RNC will report next week that it raised about $26 million in July and has some $75 million cash on hand.

"We've had I think a pretty exciting summer for our campaign," Davis said. "I think that if anybody had asked us a couple of months ago when Obama first locked up the nomination on June 3 whether or not we would like to be where we are today, which from what we can tell is a pretty even race...we would have been pretty thrilled."