In the lead-up to the 2024 White House race, a recent report reveals that Joe Biden has cash in hand that is more than three times greater than that of Donald Trump and the Republican National Committee (RNC), as previously disclosed. However, it should be noted that Trump and the RNC have not yet released their fundraising totals for January 2024.
According to Newsweek, Biden’s campaign secured over $42 million in donations in January, bringing their total cash to nearly $130 million. This significant increase in funds came after the Republican primary season began, with Biden’s team reporting a notable surge in donations. The campaign raised $1 million for three consecutive days following the Iowa caucus, which resulted in a resounding victory for Trump.
These figures indicate that Biden may outpace his projected Republican opponent by a substantial margin. Trump’s campaign team reported raising $19 million in the final quarter of 2023, with $33 million in available cash. During the same period, the RNC had $8 million in cash on hand, according to filings with the Federal Election Commission.
Trump and Republicans Face Criticism from Biden
In a recent statement, Julie Chavez Rodriguez, Biden’s campaign manager, criticized Trump and the Republicans for their spending habits. She pointed out that they are either “spending money fighting Donald Trump, or spending money in support of Donald Trump’s extreme and losing agenda.”
“Regardless of their choice, their lackluster fundraising efforts indicate that they are already facing consequences. President Biden’s campaign is focused on using its resources effectively to create a successful operation that resonates with voters on the importance of this election.”
Since Biden announced his reelection bid in April last year, his campaign has raised a total of $278 million. The campaign also highlighted that 97 percent of the 3 million donations received were under $200 each.
Trump’s Fight for Presidency Amidst Legal Distractions
During the previous election, Trump, as the incumbent, managed to raise over $60 million for his campaign and boasted of having $200 million in cash reserves.
Trump, who currently has less campaign funds than Biden, is spending millions on legal expenses in his pursuit of the presidency.
Following a defamation ruling against Trump in New York, he was ordered to pay over $83 million to former Elle columnist E. Jean Carroll.
In a separate case, Trump was fined $355 million for submitting inaccurate financial statements that inflated the value of his assets and properties. Trump is unable to use his campaign funds to pay off these fines.
A GoFundMe page has collected over $600,000 to help Trump cover the $355 million penalty for fraud.
Despite speculation, legal experts believe that Trump will still be required to pay the millions he owes from recent lawsuits even if he files for bankruptcy.
Eric C. Chaffee, a corporate law professor at Case Western Reserve University, stated that Trump would need to sell off assets to settle his $450 million debt from lawsuits related to fraud and defamation.
