The Note: Who's Up and Who's Down In the 2016 Money Race?

— -- NOTABLES

--LAY OF THE LAND: Hillary Clinton's campaign is showing off its fundraising power, raking in more than $47 million in the second quarter of 2015 -- three times as much as her next closest rival, Bernie Sanders, and more than the top six Republicans combined, ABC's RYAN STRUYK reports. Jeb Bush's campaign raised $11.4 million to top the GOP field. Donald Trump -- who says he doesn't need donations because he can finance his own campaign -- took dead last, bringing in just $96,000. But these numbers do not include money from outside groups, which is expected to help level the playing field for leading Republicans. We'll have a more complete snapshot when those totals will come in two weeks, and we expect to learn that Bush's Super PAC has raised $103 million. Ted Cruz, Marco Rubio, Ben Carson and Rand Paul form a middle tier of GOP candidates. The other eight Republicans raised just $2.2 million or less, continuing to try to differentiate themselves from the pack. Here's a closer look:

--HILLARY CLINTON raised $47.6 million for her campaign, more than her four closest rivals -- Sanders, Bush, Cruz and Rubio -- combined. The campaign says that 61 percent of her donors were women, and 94 percent of her donations were $250 or less.

--BERNIE SANDERS brought in $13.8 million, the second-largest total only to Hillary Clinton. He focused largely on grassroots, small-dollar donors, aligning with his platform that bashes the billionaire class. One problem: He has no major outside groups to supplement his strong campaign haul.

--JEB BUSH topped the Republican field in campaign contributions, bringing in $11.4 million. But the former Florida governor's brightest hour will come in two weeks, when his Super PAC filings will reveal a staggering $103 million stockpile.

--DONALD TRUMP raised only $96,000 -- the least of any 2016 Presidential candidate. He loaned himself $1.8 million so that his campaign could spend about $1.4 million this quarter. (He spent 14 times more than he raised.) Still, Trump has made it clear that he does not need to gather donations, opting instead to finance his own campaign with his own dollars.

--RICK PERRY gathered just $1.1 million for his campaign despite the former Texas governor's efforts to break out of the bottom tier of candidates and make it onto the debate stage

TODAY ON THE TRAIL with ABC's CHRIS GOOD: Hillary Clinton will hold a town-hall at city hall in Dover, N.H., at 2 pm ET. Later, she'll attend an organizing event in Windham at 5:30 pm ET. Jeb Bush will be in San Francisco, where he'll tour a company called Thumbtack and hold a meet-and-greet with employees at 1 pm ET. Donald Trump will hold a campaign rally followed by a Q&A at Weirs Community Center in Laconia, N.H. at 5 pm ET. Chris Christie will hold a town-hall at the VFW post in Franklin, N.H., at 6:30 pm ET. Scott Walker continues his post-announcement tour in New Hampshire, including a stop at Seacoast Harley-Davidson in North Hampton at 3:30 pm ET. Bobby Jindal and Rick Santorum will be in Iowa for a series of events throughout the day. Martin O'Malley will hold a roundtable discussion in Des Moines at 3:30 pm ET and a meet-and-greet in at Hotel Ottumwa in Ottumwa, Iowa, at 8 pm ET. Lindsey Graham will be in New Hampshire, where he'll tour Macy Industries in Hooksett at 10 am ET and visit the Sratham Fair at 1 pm ET.

WHAT WE'RE WATCHING

SCOTT WALKER RETURNS TO THE MCDONALDS WHERE HE ONCE FLIPPED BURGERS AND SHOWS US HOW IT'S DONE. Here's something you may not have known about Scott Walker: Before he was governor of Wisconsin, before he was a presidential candidate, he once flipped burgers at McDonalds. Walker, who launched his presidential campaign on Monday, recently gave ABC's DAVID MUIR a tour of his old Golden Arches stomping ground in his hometown of Delavan, Wisconsin. While visiting the governor was reunited with his old boss, Rita Butke, who now manages the location where they both worked in the mid-1980s, ABC's ALI DUKAKIS reports. "He did good, he did good," Butke said recalling Walker's performance at his high school job. The presidential hopeful glad-handed with cashiers and line cooks. He even took a turn at the drive-through window. WATCH: http://abcn.ws/1Oet4f9

THE BUZZ

WHY TED CRUZ IS STANDING UP FOR DONALD TRUMP. At a time when many of the Republican presidential candidates are choosing to distance themselves from Donald Trump, Ted Cruz is running toward him. In fact, the Texas senator and the billionaire real estate mogul whose controversial comments about Mexican immigrants have drawn criticism from Jeb Bush, Marco Rubio and other members of the 2016 GOP field, huddled Wednesday at Trump Tower in New York City, ABC's JESSICA HOPPER notes. The Trump-Cruz confab is a fresh example of the close bond between the two men even as they remain rivals in the Republican nominating contest. Cruz has repeatedly defended Trump ever since he announced his presidential candidacy and compared Mexican immigrants to "rapists." http://abcn.ws/1gCjO9r

CONFEDERATE FLAG WAVERS GREET PRESIDENT OBAMA IN OKLAHOMA. President Obama was greeted by people waving Confederate flags as he arrived at his hotel in Oklahoma City Wednesday night, ABC's ARLETTE SAENZ notes. In a crowd of several dozen people, about 10 of them waved Confederate flags as the president's motorcade arrived at his hotel. One person also waved a U.S. flag. There were also some fans of the president standing in the crowd, including one person holding a sign expressing love for Obama. The White House did not immediately respond to questions about whether the president saw the Confederate flag. http://abcn.ws/1I5lFQ1

OBAMA DEFENDS NUCLEAR DEAL WITH IRAN: REPRESENTS 'AMERICAN LEADERSHIP AND DIPLOMACY.' President Obama defended the nuclear deal with Iran Wednesday afternoon, saying it "represents a powerful display of American leadership and diplomacy." "It shows what we can accomplish from a position of strength," the president added yesterday in a news conference in the East Room of the White House just one day after announcing the significant nuclear agreement with Iran. In response to a question from ABC's JONATHAN KARL, Obama said the only options for dealing with Iran's nuclear capability were through diplomacy or through war. "I'm hearing a lot of talking points being repeated about 'This is a bad deal. This is a historically bad deal.'...What I haven't heard is what is your preferred alternative?" he said. "There really are only two alternatives here. Either the issue of Iran obtaining a nuclear weapon is resolved diplomatically through a negotiation or it's resolved through force, through war. Those are -- those are the options." http://abcn.ws/1fJFDng

NOTED: OBAMA SAYS 'NO PRECEDENT' TO REVOKE BILL COSBY'S PRESIDENTIAL MEDAL OF FREEDOM. President Obama said he cannot revoke embattled actor and comedian Bill Cosby's Presidential Medal of Freedom, despite calls for the president to take it back after allegations that Cosby allegedly had sex with women after drugging them. "There's no precedent for revoking a medal. We don't have that mechanism," the president said in a news conference Wednesday afternoon, according to ABC's ARLETTE SAENZ. http://abcn.ws/1I3y4lU

WHAT WE'RE READING

"JEB BUSH, A 'NERDY' TECH GUY, TRIES TO WOO SILICON VALLEY," by the Washington Post's Ed O'Keefe. "Out on the campaign trail, Jeb Bush wears an Apple Watch. He's invested in tech companies working on driverless cars. His son and former business partner say they are 'nerdy tech guys' who like buying and trying out new gadgets. Just days after Hillary Rodham Clinton raised concerns about the labor practices of such companies as Airbnb and Uber, Bush is coming here Thursday to embrace the fast-growing, disruptive nature of the 'sharing economy.' He plans to hail a ride from Uber, the ride-hailing company based here, on his way to the offices of Thumbtack, a Web site that helps people find service professionals such as dog walkers, plumbers or interior designers. Both companies are giants in the online "sharing" or 'marketplace' sector that helps people with travel, transportation, staffing and other services. The appearance coincides with an aggressive West Coast fundraising swing but will also help Bush continue a fight with Clinton over the economy." http://wapo.st/1I5sori

WHO'S TWEETING?

@BrentBozell: The evidence speaks for itself: GOP leadership should defund #PP now.

@jdistaso: Is @ScottWalker serious about NH? #NHPrimarySouce #fitn #nhpolitics #WMUR http://www.wmur.com/politics/new-hampshire-primary-source-is-scott-walker-serious-about-new-hampshire/34188724...

@AnnieLinskey: Whoa. Small donors provide 76% of Sanders' cash v 17% of Clinton's haul via @bykowicz http://bigstory.ap.org/urn:publicid:ap.org:98db3fdb4c5b4c55b72223e17afdfad9...

@TeddyDavisCNN: Another @nytimes headline targeting Rubio: "@MarcoRubio Has Missed Most Votes This Year of Senators Running for Prez" http://www.nytimes.com/politics/first-draft/2015/07/15/marco-rubio-has-missed-most-votes-this-year-of-senators-running-for-president/...

@seanspicer: For 2nd year in row @gop seats @thedemocrats in annual softball game. This year by mercy rule in 5th 20-5