The main reason for this is that most of the big donors tend to reach maximum contribution levels in the first quarter. Basically they cannot legally give any more money to their respective campaigns.
Therefore, from now on, its mostly the small donors on "installment" plans that will continue infusing campaigns with cash. And the Obama campaign has shown that it easily has the greatest number of these small donors, and also a unique ability to attract previously unengaged people who've never donated before.
Another big factor is that Hillary has been collecting funds both for the primary, and in case she wins, the general election. Obama, however, only started collecting for the general election lately after receiving a Federal Elections Committee special ruling that will allow him to still qualify for public funding.
Thus, Obama's war-chest has much less of this general election money, and more money that can be spent on the primary.
Although the Obama campaign hasn't released an official statement yet, reliable sources close to the campaign say that at least $20 million was raised.
What isn't known is how much each campaign has spent already, and how much they have left over to spend near election time when television ad campaigns start up and its time to expand the number of paid staff workers.
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