WASHINGTON (AP) — President Barack Obama holds a cash advantage of more than 2-to-1 over Republican challenger Mitt Romney but the president’s money advantage is beginning to dwindle.

Obama’s campaign reported $115.1 million in the bank through April and the Democratic National Committee had about $24.2 million in its account at the end of last month.

Romney began raising money last month with the Republican National Committee and hauled in a combined $40 million, nearly on parity with Obama and Democrats, who raised about $43 million.

Romney and Republicans reported $61.4 million in the bank in April, meaning that in only a month, Obama’s 10-to-1 cash advantage has fallen to 2-to-1 as Republicans prepare for the general election.

Republicans are expected to be helped by GOP-leaning outside groups planning to raise hundreds of millions of dollars to defeat Obama. Obama campaign manager Jim Messina in a video to supporters earlier this week that the president has faced $57 million in negative ads.

“One of the most important things we can do is get our arms the fact that his election is going to be close given the historic challenges the nation faced when the president first came into office,” Messina said.

The infusion of campaign cash is funding spring television ads attempting to shape the narrative of the presidential campaign. Obama is spending about $25 million on TV ads in May, an amount that was quickly matched by the GOP-leaning super PAC Crossroads GPS, which is advertising against Obama in 10 states.

Romney released an ad this week outlining plans for his first day in office, if elected, spending about $1.3 million to air the ad in Iowa, North Carolina, Virginia and Ohio.

A Democratic super PAC called Priorities USA Action is spending about $4 million on ads in five states attacking Romney’s business background.

WASHINGTON (AP) — Former President George W. Bush is returning to the White House on May 31 for the unveiling of his official portrait.

A White House senior official says Bush and former first lady Laura Bush will return later this month for the release of their portraits. The official spoke on condition of anonymity ahead of an official announcement.

It will be a rare return to the White House for Bush, who has avoided the spotlight since he left office in January 2009.

Bush appeared with Obama at the Rose Garden following the devastating Haiti earthquake in January 2010 and accompanied Obama last year to New York’s ground zero on the 10th anniversary of the Sept. 11 terrorist attacks.

Bush’s presidential center is scheduled to open in Dallas in 2013.

WASHINGTON (AP) — President Barack Obama and first lady Michelle Obama hold assets worth between nearly $2.6 million and nearly $8.3 million, according to financial disclosure reports released Tuesday by the White House.

The documents show the couple’s assets for last year. The first family’s assets were valued between $1.8 million and nearly $12 million in 2010.

Obama released the annual report in the middle of a presidential campaign that has brought attention to the wealth of his Republican opponent, Mitt Romney. The former Massachusetts governor is worth $190 million to $250 million, with much of his money coming from investments.

WASHINGTON (AP) — A super PAC supporting President Barack Obama is airing a new ad in five states questioning Republican Mitt Romney’s commitment to workers.

Priorities USA Action is airing the ad in Colorado, Florida, Ohio, Pennsylvania and Virginia. It comes a day after the Obama campaign released a similar ad attacking Romney’s past role as head of private equity firm Bain Capital.

The new Priorities ad shows a testimonial from a former steel worker at GST Steel in Kansas City, Mo., who says Romney’s Bain Capital was only interested in making money at the expense of workers.

Romney’s campaign has said it welcomes the debate on jobs.

Eric Fehrnstrom, a senior Romney adviser, said Tuesday the ad on Bain Capital was an attempt to distract voters from Obama’s poor economic record and was “the biggest smokescreen since Mount St. Helens.”

WASHINGTON (AP) — President Barack Obama is launching a sharp critique of Mitt Romney’s business record, airing a hard-hitting TV ad that recounts the demise of a Kansas City, Mo., steel mill that was restructured by Romney’s private equity firm and led to hundreds of job losses.

The ad and events targeting Romney’s role with Bain Capital planned for this week mark the president’s most forceful attempt to define Romney’s business record before the November election.

The ad includes interviews with former workers at the steel plant, who say Bain’s role led to job losses and slashed benefits. One worker calls Romney a “job destroyer.”

Romney’s campaign did not respond to the ad early Monday.

WASHINGTON (AP) — President Barack Obama is honoring the nation’s top police officers for their courage and sacrifice.

Obama praised the winners of a national police association award Saturday at a White House ceremony, paying tribute to officers who showed courage in the line of duty.

The president, joined by Vice President Joe Biden, said they were representative of the “sacrifices and that quiet courage” found in officers across the nation.

Recipients included 15 members of the Detroit Police Department who confronted a gunman who opened fire in a local precinct station; five Las Vegas officers who stopped an assailant who shot an officer at a Wal-Mart; and five New York City police detectives who rescued two cadets at the U.S. Military Academy at West Point who had become disoriented while rock climbing.