President Joe Biden’s political operation continues to outpace former President Donald Trump’s campaign financially as they head towards a potential showdown in the general election, recent filings reveal.
Biden’s campaign began February with approximately $56 million in cash reserves in his primary campaign committee, while Trump’s equivalent account held just over $30 million.
As Biden embarked on a fundraising tour in California, his campaign continued to attract contributions. Meanwhile, Trump faced challenges with ongoing legal issues that have affected his ability to retain donors, coupled with the persistence of South Carolina Governor Nikki Haley’s bid for the GOP nomination.
Haley, committed to staying in the race until Super Tuesday, had around $13 million in cash reserves at the start of February, after spending more than she raised in January.
Here are some key insights from the latest campaign filings:
Early Financial Advantage for Biden:
Incumbent presidents typically enjoy a fundraising advantage, and Biden’s political operation was in a strong financial position at the end of January. His aligned committees reported a combined $130 million cash on hand, although Tuesday’s filings only cover a portion of each candidate’s operation.
Democratic National Committee’s Financial Strength:
The Democratic National Committee (DNC) outraised its Republican counterpart in January, ending the month with $24 million in available cash compared to the Republican National Committee’s (RNC) $8.7 million. This represents the RNC’s lowest cash reserves since early 2015.
Pro-Haley Super PAC Faces Funding Challenges:
SFA Fund, the main super PAC supporting Haley’s campaign, spent heavily in January and had just $1.9 million in cash on hand by the end of the month. Despite significant fundraising efforts, the super PAC’s expenditures haven’t translated into primary victories for Haley.
Trump’s Legal Woes Impact Campaign Finances:
Trump’s leadership PAC paid out over $2.9 million to law firms last month, with an additional $1.9 million in unpaid legal bills. Save America, Trump’s political operation, has spent the majority of its funds on legal expenses, reclaiming millions from a super PAC established to support his campaign.
RFK Jr.’s Spending and Super PAC Support:
Robert F. Kennedy Jr., running as an independent candidate, spent over $3.2 million in January, ending the month with $4.9 million in the bank. His candidacy has raised concerns about potential vote-splitting in favor of Biden. The super PAC supporting Kennedy, American Values, received a significant donation from Republican mega-donor Timothy Mellon, ending the month with over $23 million in cash reserves.
Despite these financial dynamics, the race for the presidency continues to evolve, with fundraising playing a crucial role in shaping each candidate’s strategy and trajectory.
