The Democratic National Committee started September with $7.1 million cash on hand and debts totaling $11.8 million. The Republican National Committee, meanwhile, had $76.6 million in the bank and $9.9 million in debt from a previous campaign cycle.

So, why, less than six weeks before the election, do the Democrats seem so pleased? Short of funds as they are, they think they have wisely invested early in grass-roots organizing.