U.S. Republican presidential candidate Mitt Romney has outshone President Barack Obama in campaign fundraising for the first time.

Romney and the Republican Party raised a record 76-point-eight million dollars in May. Romney also secured the GOP's nomination last month after a primary victory in Texas.

President Obama's campaign and the Democratic National Committee raised 60-million dollars in May, which was a record-high for the party as well, but far less than the Republicans brought in.

U.S. media outlets project the presidential race will generate astronomical campaign funds as things heat up ahead of the November election.