The Obama-Biden reelection campaign, which just announced it banked $224 million in 2011, is stepping up fundraising as it steels for an expected fall “smear” machine from GOP front-runner Mitt Romney.

In an email to supporters this morning, Obama campaign manager Jim Messina warned that the Republicans will have a fat bank account to tap for negative ads, something both Romney and Newt Gingrich did in Florida.

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