Trump and Biden's fundraising gap grows massively as election heats up

New financial filings from committees for Donald Trump and Joe Biden revealed who is raising more and how they are spending the money.

By Rey Harris

Washington DC - Newly released campaign finance filings reveal that Republican candidate Donald Trump's fundraising efforts are trailing behind his Democratic rival Joe Biden by millions.

New financial filings from committees for presidential candidates Donald Trump (r.) and Joe Biden revealed who is raising more and how they are spending the money.
New financial filings from committees for presidential candidates Donald Trump (r.) and Joe Biden revealed who is raising more and how they are spending the money.  © Collage: ANDREW CABALLERO-REYNOLDS & Olivier Douliery / AFP

This week, a number of political committees related to each candidate's campaign submitted financial filings with the Federal Election Commission, showing the stark financial differences between Trump and Biden.

For the current president, his most notable effort came from The Biden Victory Fund – a joint committee formed by Biden's campaign, the Democratic National Committee (DNC), and various Democratic state groups.

The fund raised over $121.3 million in the first quarter of the year and reported more than $41.1 million as cash on hand.

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Trump, meanwhile, didn't perform nearly as well – The Trump 47 Committee, a committee formed alongside the Republican National Committee (RNC), reportedly raised over $23 million in the first quarter, $10 million of which went to the RNC.

His Trump Save America committee, formed with the Save America PAC, raised more than $65 million but was left with only $13.6 million cash on hand.

Overall, Biden's campaign entered the month of March with $155 million in cash on hand, while Trump walked away with around $42 million.

Donald Trump's legal woes have done some serious damage to his campaign efforts.
Donald Trump's legal woes have done some serious damage to his campaign efforts.  © POOL / GETTY IMAGES NORTH AMERICA / Getty Images via AFP

Another big takeaway from the filings is just how much damage Trump's various legal battles, and the legal debt that comes with them, have done to his efforts.

As Trump's committees collectively spent over $50 million in legal expenses last year, the expenses only appear to be getting bigger going into 2024.

According to The Hill, Trump's Save America PAC spent $3 million in legal fees in January and another $5.6 million in February, while his Make America Great Again PAC has spent more than $1.7 million this year.

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The former president is currently in New York as he is required to stand trial in his anticipated hush money case.

As the trial is expected to go on for at least six weeks, Trump will be unable to campaign across the country.

Cover photo: Collage: ANDREW CABALLERO-REYNOLDS & Olivier Douliery / AFP

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