Priya PatelTLDR:
- Biden’s campaign has a significant financial advantage over Trump’s, with $56 million in cash reserves compared to Trump’s $30 million.
- The DNC outraised the GOP in January, with $17.4 million in contributions and $24 million in cash on hand.
President Joe Biden’s campaign revealed a substantial financial edge over former President Donald Trump’s campaign as they head towards a general election showdown. Biden’s main campaign committee had nearly $56 million in cash reserves, while Trump’s equivalent account had a little over $30 million. Trump, who faces mounting legal challenges, saw his fundraising efforts impacted as potential donors redirected their funds elsewhere. South Carolina Gov. Nikki Haley, still in the race for the GOP nomination, had just under $13 million in reserves after a spending spree in January. The Democratic National Committee outpaced the GOP’s fundraising efforts in January, ending the month with $24 million in available cash, compared to the RNC’s $8.7 million.
Trump’s main super PAC supporting Haley’s campaign spent heavily in January, leaving it with only $1.9 million in cash on hand heading into February. Despite spending millions, Haley has not won any early state contests. Trump’s own legal troubles have added to his financial burdens, with his leadership PAC paying out more than $2.9 million to law firms last month. Robert F. Kennedy Jr., running independently, raised nearly $2.7 million in January but spent more, ending the month with $4.9 million remaining in the bank. Kennedy’s bid has raised concerns about siphoning votes from Biden. A super PAC supporting Kennedy plans to spend up to $15 million to get him on key states’ ballots, with significant backing from Republican mega-donor Timothy Mellon.
