Based on the January filings with the FEC, Barack Obama has raised more money from small donors (those giving under $200) than Mitt Romney has raised in total. Romney has raised 90% of his money from big donors (those giving more than $200). Without the Super PACS this would be completely disastrous because big donors can only give so much to the campaign and then they are capped out, while Obama can keep going back to his small donors for more. Romney can get around that limitation thanks to the Supreme Court’s outrageous decision in the Citizens United case, but that doesn’t mean he’s not in trouble. The truth is that Romney’s campaign is rapidly going broke.

The Romney for President committee spent nearly $18.8 million against more than $6.5 million raised in January, and it reported $7.67 million cash on hand as of the month’s end.

At that rate, by the time February is done, Romney will be selling IOU’s to the Chinese to keep his campaign going. By comparison, the president has $96 million in cash on hand and no immediate need to use any of it. And, as I’ve noted, most of his donors are in position to give several more times before they’re maxed-out.

I don’t usually enjoy Dana Milbank’s irreverent style, but his latest column does capture the reality on the ground for the Romney campaign.

In terms of sizzle, Sen. Rob Portman makes Mitt Romney look like Lady Gaga. So when the two men shared a stage in suburban Cincinnati on Monday afternoon, the result was pure and unadulterated ennui — exactly the sentiment greeting Romney’s presidential aspirations in the Republican electorate.

“If you think,” the Ohio Republican exhorted the crowd, “we need fresh new direction and decisive leadership in the White House, then Mitt Romney is your man.”

Silence in the audience.

“If you’re looking for work or you have friends who are looking for work,” Portman went on, in monotone, “then Mitt Romney’s your man.”

Crickets.

“If you think government has grown too large,” the senator continued, “then Mitt Romney’s your man.”

Nothing.

Five more times, Portman tried the refrain, and each time it produced no reaction. He hurried through his script, straightened out his pile of index cards and called forward Romney, who gave an equally lively speech that praised, among other things, ulcer medication.

If you’ve spent the last four years surfing in the liberal blogosphere, you might be under the misimpression that Obama’s base is disillusioned and won’t respond the same way they did in 2008. It’s simply not true.

The number of donors to the campaign is staggering compared to the last election. According to numbers provided to The Huffington Post by the campaign, there have been 1,309,644 individual donors to the campaign. The campaign passed 1 million donors on Oct. 17, 2011, 189 days earlier than during the 2008 election.

The campaign stated when it hit the 1 million donor mark, that 98 percent of the donations received by the campaign came in increments of less than $250. This is somewhat misleading as it represents the amount given per donation, not per donor; some donors giving small amounts ultimately give more than $200 in the aggregate.

Obama will be criss-crossing the country this summer and fall appearing before sold-out throngs of adoring organizers and fans. Romney will be more like Spinal Tap, working small halls, dealing with cancellations, trying to explain gaffes like the “Smell the Glove” cover and the miniature Stonehedge stage props. Should he stick with “Hell Hole” and “Sex Farm,” or should he try to sell them with “(Listen to the) Flower People”?