Helen, he really does need all the money he can get -- and the DNC needs it even more.  Last check, they were down to the RNC by more than 10-to-1 in cash on hand, and the convention committee was way behind as well.  The overwhelming majority of the money at these $5K & $10K events is by definition going to the party (given contribution limits to the campaign).

But he needs every penny as well.  Yes, the McCain campaign will never catch up to the O campaign in cash, but they'll almost definitely max out their matching of the federal $$, which means they'll have about $160M for the "general", i.e. September & October.  And there's plenty more money on the Repub side.  The media narrative portraying Repub 527s as a red herring only reinforces the fact that the media is one of the forces he'll have to fight.  Between the RNC & the 527s that are sure to spring up in the next 4 months, there'll be at least $250-300M spent against him from here to November; and given the fundamentals and their candidate's weaknesses, the Right understands that their only chance is to sow fear of the scary black man and win "by default".  Most of that money will be spent smearing him.