Obama wins in money stakes as TV spend hits $677m

President Barack Obama and his Democratic allies scored a financial victory in August over Republican challenger Mitt Romney and his backers, as Romney’s team hit snags in the money race.

Meanwhile, spending on television advertising in the race for the White House has topped two-thirds of a billion dollars, according to sources, with Republicans only narrowly outpacing those who back Obama.

The news came as Romney released details of his 2011 tax return.