President Joe Biden’s political campaign has further widened its financial lead over former President Donald Trump’s campaign, according to recent filings. As of February, Biden’s primary campaign committee held nearly $56 million in cash reserves, compared to Trump’s slightly over $30 million. This represents a significant increase from the $46 million Biden had at the end of the previous year, while Trump’s cash reserves have decreased from the $33 million reported at the end of 2023.
Biden’s Early Fundraising Lead
Biden’s early financial lead could play a crucial role in what is anticipated to be a closely contested and intense campaign. Despite both candidates’ unpopularity with the broader electorate, Biden continues to secure high-dollar contributions, while Trump’s escalating legal issues are diverting donor funds. Furthermore, Trump is dealing with South Carolina Gov. Nikki Haley’s refusal to withdraw her long-shot bid for the GOP nomination.
Key Takeaways from Campaign Filings
Incumbent presidents typically have a fundraising advantage, and Biden’s political operation ended January in a strong financial position. It announced this week that it started February with $130 million cash on hand across all its aligned committees. However, this still trails the amount Trump and the Republican National Committee had accumulated at this point in 2020, when they reported more than $200 million in cash reserves.
Party Power
The Democratic National Committee (DNC) outperformed its GOP counterpart in January, raising $17.4 million and ending the month with $24 million in available cash. This significantly surpasses the RNC’s $8.7 million in available cash, marking its lowest total in about a decade. The RNC’s low cash reserves have been a major concern for the party and contributed to the planned departure of outgoing chair Ronna McDaniel later this month.
Pro-Haley Super PAC Cash Dwindles
SFA Fund, the leading super PAC supporting Haley’s presidential campaign, spent heavily in January, leaving it with just $1.9 million in cash on hand. Despite the significant expenditure, Haley has not won any of the early-state contests. However, she has pledged to continue her campaign beyond Saturday’s primary in her home state, where she trails Trump by a wide margin.
Trump’s Legal Troubles Mount
As Trump continues to secure electoral victories in early-voting states, his legal troubles continue to escalate. He now faces hundreds of millions of dollars in penalties from two recent civil fraud judgments in New York, in addition to 91 criminal indictments across four jurisdictions. Trump’s leadership PAC paid out more than $2.9 million to law firms last month as his legal troubles mounted, and it ended January with an additional $1.9 million in unpaid legal bills.
RFK Jr. Burns Through Cash
Robert F. Kennedy, Jr., who is running an independent bid for the presidency, raised nearly $2.7 million last month but spent more than $3.2 million, leaving him with roughly $4.9 million in the bank. His candidacy has raised concerns that his bid could divert votes from Biden.
This story has been updated with additional information.