According to a new report, Joe Biden’s cash on hand is more than three times that of Donald Trump and the RNC, as previously reported.
As the 2024 White House race appears to be between the former and incumbent presidents of the United States, a new report claims Joe Biden’s cash in hand is more than three times that of Donald Trump and the Republican National Committee (RNC), as previously reported.
However, neither Trump nor the RNC have released their January 2024 fundraising totals.
Before the 2024 election, Biden’s campaign raised more than $42 million in January, bringing their total cash on hand to nearly $130 million, Newsweek reported.
According to Biden’s campaign team, donations increased significantly after the Republican primary season began. Notably, the campaign raised $1 million in three days following the Iowa caucus, which resulted in Trump’s overwhelming victory.
According to the figures, Biden may outperform his expected Republican opponent by a large margin. Trump’s campaign reported raising $19 million in the fourth quarter of 2023, with $33 million in cash on hand. During the same period, RNC had $8 million in available cash, However, neither Trump nor the RNC have released their January 2024 fundraising totals.
Before the 2024 election, Biden’s campaign raised more than $42 million in January, bringing their total cash on hand to nearly $130 million, Newsweek reported.
According to Biden’s campaign team, donations increased significantly after the Republican primary season began. Notably, the campaign raised $1 million in three days following the Iowa caucus, which resulted in Trump’s overwhelming victory.
According to the figures, Biden may outperform his expected Republican opponent by a large margin. Trump’s campaign reported raising $19 million in the fourth quarter of 2023, with $33 million in cash on hand. According to Federal Election Commission filings, the RNC had $8 million in available cash during that time period.
Biden’s campaign takes dig at Trump and Republicans
Biden’s campaign manager, Julie Chavez Rodriguez, criticized Trump and Republicans in a statement, claiming that they are either “fighting Donald Trump” or “supporting Donald Trump’s extreme and losing agenda.”
“Either way, based on their poor fundraising, they’ve already paid the political price. In an election that will determine the fate of our democracy and our freedoms, President Biden’s campaign is using its resources to build a winning operation that will meet voters where they are on the election’s stakes.”
Since Biden announced in April of last year that he would run for reelection, his campaign has reported raising a total of $278 million. It also stated that 97 percent of the campaign’s 3 million donations were less than $200.
Trump and his campaign struggle amid his legal battles
In the previous election, when Trump was running as an incumbent, his campaign raised more than $60 million and claimed to have $200 million in cash on hand.
In addition to having less money than Biden for his latest presidential campaign, Trump is spending tens of millions of dollars on legal fees.
A New York jury ruled that Trump had defamed former Elle columnist E. Jean Carroll and ordered him to pay her more than $83 million.
In another case, Trump was fined $355 million for years of filing false financial statements that overstated the value of his assets and real estate.
Trump is unable to pay civil fines with previously donated campaign funds.
A GoFundMe page has raised more than $600,000 to help Trump pay a $355 million fraud penalty.
Meanwhile, a legal expert told Newsweek that if Trump files for bankruptcy, he will most likely be required to pay the millions of dollars he owes from recent litigation.
Eric C. Chaffee, a professor of corporate law at Case Western Reserve University in Cleveland, Ohio, said Trump would still need to liquidate assets to pay off his $450 million debt from fraud and defamation lawsuits.