Senator John McCain, the Republican nominee for the presidency, raised more than $47 million in August.

It is his best fundraising month so far, and it puts to rest concerns many expressed over his ability to energize the conservative base and to convince them to donate to his campaign.

Barack Obama, who is known as one of the best fundraisers in the business, raised $50 million in July, the month before the Democratic convention. Although it is likely that he raised (significantly) more in August, it seems pretty safe to assume McCain is closing the fundraising gap.

Governor Sarah Palin, McCain’s running mate, seems to be a good choice from a fundraising perspective; since Friday – the day it was announced she would be his running mate – McCain’s campaign received $10 million.

Social conservatives are happy with the choice, and they show their happiness by donating.

Going into the fall campaign, that is the last part of the campaign, the RNC and the McCain campaign will have between $224 million and $240 million to spend. This amount includes the $85 million in public funds McCain will receive Thursday after he officially accepts the Republican nomination.

Although that $85 million certainly come in handy, it makes it impossible for McCain to raise more money himself; federal law prohibits the receiver of federal funds to raise money on his own.

The RNC, however, can raise money and will most certainly do so in the McCain-Palin Victory ‘08 fund. This fund is expected to raise a total sum of $100 million in September and October.

If the campaign does not spend all the money it currently has it can shift it to the general RNC.

Barack Obama has rejected federal funding for his campaign, which means he can raise and spend an unlimited amount. However, there is also a risk involved; if he wants to stay ahead of McCain he has to raise $200 million in September and October – a high amount, even for Obama.

His campaign is not afraid, however, saying they expect to break all records in the coming weeks. They have, they say, already started raising record numbers since the start of the Democratic Convention and, especially, after his well received acceptance speech.