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According to AP, President Barack Obama has lost millions of dollars in support from former donors in Democratic strongholds and in districts that he won narrowly four years ago.

Tens of thousands of supporters who gave the candidate who stood for “hope” and “change” hundreds of dollars or more in the early stages of the 2008 campaign haven’t offered him similar amounts of cash so far in this campaign. And in some cases, former Obama contributors gave to GOP candidates, such as former Massachusetts Gov. Mitt Romney, the report continues.

Despite the drop in financial support as compared to 2008, the President’s re-election funds are pretty healthy. On top of that, he’s currently beating out all his conservative competitors combined by tens of millions. In the July-September re-election period, Obama’s campaign and the Democratic Party raised over $70 million to ensure a second term.

AP’s study found that a stagnant economy is related to the loss of early support from some of his larger financial backers. And after 3 tumultuous years in office, Obama has to work even harder to win back swing voters and  “party stalwarts.” The news source cites a recent Gallup poll that shows Obama’s approval rating hovering around 41 percent as another reason folks would rather spend their cash elsewhere.

“I have little discretionary money, and I just have to take care of myself,” said Roger Hodges, 45, an urban designer in Richmond, Calif. Hodges gave Obama $250 four years ago but doesn’t plan on donating in this election. Hodges said friends in the liberal-leaning San Francisco Bay Area have become disappointed in Obama.

Just because Americans may shy away from shelling out the dollars doesn’t mean they won’t support the President where it really counts. AP states that many Obama supporters said they would vote for his re-election even if they don’t make a hefty donation. A new NBC News/Wall Street Journal poll claims that 4 out of 5 of those who voted for Barack Obama in ’08 say they’d likely vote for him next year.

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