As the election year kicks off, President Joe Biden holds a financial advantage over Donald Trump’s presidential campaign, according to recent filings. Despite facing a challenging general election rematch with his 2020 adversary and dealing with low approval ratings, Biden has amassed nearly $46 million in cash on hand, outpacing Trump’s $33 million.
However, the financial reports highlight the uphill battle for Biden. Despite facing no significant threats to his nomination, Biden has yet to build a substantial cash reserve that could potentially outmatch Trump’s campaign. This is particularly noteworthy as Trump grapples with legal issues and the continued presence of former South Carolina Gov. Nikki Haley in the GOP nomination race.
Key Takeaways from the New Filings
Trump’s Spending Habits
Despite starting 2024 with a cash surplus, Trump’s political operation is heavily spending, using campaign donations to subsidize his escalating legal bills. His political action committees, Save America PAC and Make America Great Again PAC, spent over $50 million of contributors’ money on legal expenses last year.
Haley’s Frugality
Haley has managed to keep her campaign expenses under control, spending approximately $14.3 million in the last quarter of 2023 while raising $17.3 million. The super PAC supporting her, SFA Fund, has been more liberal with its spending, raising $50.2 million and spending $63.7 million in the second half of the year.
Biden’s Growing Operation
The latest filings reveal that Biden has started to expand his campaign operation, spending nearly $19.3 million in the fourth quarter of 2023. His staff had grown to over 70 by the end of the year, and the campaign invested around $12 million into advertising in the final three months of 2023.
DeSantis’ Spending Spree
Ron DeSantis’ presidential campaign and associated super PACs burned through a staggering $160 million last year, resulting in a distant second-place finish in the Iowa caucuses and an early exit from the GOP race.
Vulnerable Senate Democrats’ Fundraising Efforts
Despite a Senate landscape that favors Republicans, some of the most vulnerable Democratic incumbents posted significant fundraising numbers. For instance, Sen. Sherrod Brown of Ohio raised over $6.6 million for his reelection bid, and Sen. Jon Tester of Montana raised more than $5.5 million.
Conclusion
The latest campaign finance filings provide a fascinating insight into the financial strategies of key political figures. As the election year progresses, these figures will continue to play a crucial role in shaping the political landscape.