Trump Has Rapidly Eroded Biden’s Edge in 2024 Cash Battle
The New York Times
Just two months ago, President Biden appeared to have a daunting financial advantage. Then Donald Trump was convicted of 34 felonies, and Republicans’ wallets opened.
Former President Donald J. Trump out-raised President Biden for the second consecutive month in May, outpacing his successor by roughly $81 million in donations over the last two months as he rode a surge of financial support after his felony conviction.
In May, Mr. Biden’s campaign and its joint operation with the Democratic National Committee raised $85 million, compared with $141 million for Mr. Trump and the Republican National Committee, according to the two campaigns. In April, the Trump team also brought in $25 million more than the Biden team.
The Biden campaign said it entered June with $212 million on hand combined with the party. The Trump operation and R.N.C. have not released a full tally of their cash on hand since the end of March. A partial count on Thursday, revealed in Federal Election Commission filings, showed that Mr. Trump had amassed a war chest of at least $170 million with the party.
Overall, Mr. Trump was a daunting $100 million behind Mr. Biden at the start of April. In two months, he cut that cash deficit by at least half. And for the first time, Mr. Trump’s principal campaign committee had more cash than Mr. Biden’s: $116.5 million to $91.6 million.
The full accounting of both sides’ finances will be made public in federal filings next month. But the combination of Mr. Trump’s improved fund-raising and Mr. Biden’s heavier spending on advertising this spring appears to put the two sides on a path to enter the summer relatively close to financial parity.
“Yes, Trump is raising a lot more money now, and that should scare people,” said Brian Derrick, a strategist who founded a Democratic fund-raising platform called Oath. “But at the end of the day, Biden has the funds that he needs to run a really strong campaign.”
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