President Obama raised more than $86 million over the past three months, far surpassing the $60 million public goal the campaign had set and overshadowing fundraising totals on the Republican side.

The fundraising haul included $47 million raised by the campaign and $38 million raised by the Democratic National Committee. The numbers well exceed the $35 million raised by Republicans during the second quarter -- though some have not yet released their results.

"We're off to a solid start. But this is just the beginning," Campaign Manager Jim Messina said in an email to supporters announcing the results. The donations came from more than 550,000 people, according to the campaign.

Obama's advisers have told donors privately they hope to match or exceed the $750 million raised in 2008.

Republicans are struggling to keep pace with fundraising levels from the last cycle. At the same time in 2007, 10 Republican presidential hopefuls had raised more than $118 million, according to the Center for Responsive Politics.

However, Republican National Committee Chairman Reince Priebus said fundraising is not going to "save" Obama in 2012.

"He's not going to have the ability, I don't think, to pull the wool over the American people's eyes," Priebus told Fox News.

The Republican National Committee, in a separate statement, claimed Obama's fundraising was a testament to how unfocused he is on the economy.

"It's obvious that despite his claims that he's focused on creating jobs, it's clear his priority is saving his own. We always knew Obama would raise the first billion-dollar campaign and he's going to need every penny of it to defend his abysmal economic record that has left millions of Americans without jobs," the RNC said.

Obama's advisers are nevertheless anticipating a stiff challenge from Republicans amid rocky economic conditions. Obama has acknowledged he will need to re-energize supporters who were inspired by his message of hope and change three years ago but may be discouraged by the economy and the pace of change.

Former Massachusetts Gov. Mitt Romney leads the Republican field in fundraising, pulling in more than $18 million during the past three months. An independent fundraising group supporting Romney's presidential bid has raised $12 million this year.

Following Romney, former Minnesota Gov. Tim Pawlenty collected $4.2 million and former Utah Gov. Jon Huntsman brought in $4.1 million, with about half coming from his personal wealth. Minnesota Rep. Michele Bachmann, a favorite of the anti-tax Tea Party, has not yet released her fundraising totals.

The 550,000 donors for Obama is a large increase from about 180,000 Obama donors during the first half of 2007. The campaign has actively courted small donors, hoping to show that the president is in a good position for the 2012 campaign and capable of generating broad financial support.

The Associated Press contributed to this report.