Biden surges ahead in campaign funding
In a striking demonstration of financial strength, President Joe Biden's re-election campaign ended February with a robust $71 million in the bank, significantly outpacing former President Donald J. Trump's $33.5 million. This financial edge highlights the growing fund-raising advantage Democrats hold over Republicans in the lead-up to the presidential election.
12:08 PM EDT, March 21, 2024
The Federal Election Commission's recent filings reveal a clear disparity in campaign finances. Biden's campaign has managed to raise $21.3 million in February alone, contributing to a total of $114.7 million for this election cycle. In contrast, Trump's campaign secured $10.9 million in February, totaling $99.4 million for the same period.
Despite leading in most national polls, Trump finds himself in a precarious financial position, primarily as he seeks support from vital Republican financiers. These fundraising efforts include private dinners at Mar-a-Lago, his Palm Beach club and residence. The difference in campaign coffers is becoming a critical challenge for Trump, who is navigating through legal battles and the need to maintain competitive campaign operations.
Biden's campaign benefits from an expansive fundraising apparatus, which includes joint fundraising committees. These committees, which will not report their full details until mid-April, have already shown promising figures. In February, Biden's teams announced a combined raise of $53 million, pushing their total to $155 million.
Moreover, Biden's campaign is expected to receive support from outside groups pledging over $1 billion, underscoring the extensive financial backing behind his re-election bid. On the other hand, Trump's campaign reported raising $20.3 million with its joint fundraising committee, with $42 million available across both entities.
Trump's legal entanglements have also affected his campaign's finances. His committees spent over $50 million on legal fees last year, a figure expected to rise amidst ongoing legal proceedings. Meanwhile, a super PAC supporting Trump reported a February raise of $12.8 million, with $25.5 million on hand.
This financial landscape starkly contrasts the 2020 election cycle, where Biden and Trump's campaign expenditures were considerably lower. Biden's ability to out-fundraise Trump significantly impacts the strategic positioning of both campaigns as they prepare for the upcoming electoral battle.
TikTok investor might help
Adding intrigue to the political funding saga is Jeffrey Yass, a libertarian trading firm owner and a significant investor in TikTok's Chinese parent, ByteDance. Yass, a prominent donor, has contributed over $46 million to Republican causes this election cycle, focusing on school choice and other libertarian interests. His donations have supported various candidates and causes, marking him as a significant player in the political funding arena.
Sources: Reuters; CNN; TheNewYorkTimes
