President Obama and the Democratic Party have raised more than $240 million for his re-election, swamping his rivals’ fundraising as the president races to build a war chest to defend against the eventual Republican nominee and deep-pocketed GOP “super PACS.”

Obama collected more than $42 million during the closing three months of the year, his campaign announced Thursday, while more than $24 million went to the Democratic National Committee, to help build a national campaign infrastructure ahead of the November election.