Former President Trump’s campaign has raised more money than President Biden over the past three months and is boasting about having more cash on hand.
The Trump campaign announced Tuesday that it and the Republican National Committee raised a staggering $331 million in fundraising from April through June in the second quarter of 2024. That eclipsed the massive $264 million raised by the Biden campaign and the Democratic National Committee in the previous three months.
The former president’s campaign also highlighted that it had $284.9 million raised as of the end of June, compared to Biden’s $240 million.
Biden will meet with Democratic governors on Wednesday in an effort to shore up his party’s support ahead of the 2024 election.
Former US President Donald Trump speaks during a campaign event at Historic Greenbriar Farms in Chesapeake, Virginia, USA, Friday, June 28, 2024. (Parker Michels Boyce/Bloomberg via Getty Images)
But Biden raised $127 million in fundraising in June, eclipsing the $111.8 million Trump raised last month.
“President Trump’s fundraising continues to grow with each passing day and month. Our wins this quarter have given us a cash flow advantage, while the Biden campaign’s increasing cash burn rate has not produced any tangible results for them,” Trump campaign co-directors Chris LaCivita and Susie Wiles said in a statement.
Biden tries to reverse negative narrative born out of disastrous debate with Trump
The Trump and Biden campaign finance reports were released as the presidential campaigns seek to reverse a brutal narrative that emerged from last week’s first debate.
At 81 years old, Biden, the oldest president in US history, is facing the toughest challenge in his quest for a second term in the White House. After his halting speech and halting answers in the debate, this caused widespread panic within the Democratic Party, with political commentators, editorial writers, some party elected officials and donors calling for Biden to step down as the party’s standard-bearer in 2024.
President Biden and former President Trump debated on Thursday night. (Getty Images)
Much of Biden’s money came at a star-studded fundraiser in Los Angeles in June that included former President Barack Obama, Hollywood heavyweights George Clooney and Julia Roberts, and late-night TV talk-show host Jimmy Kimmel, after which his campaign announced it had raised $30 million, setting a new Democratic fundraising record.
The president also raised more than $8 million a few days later at a fundraiser at the mansion of former Northern Virginia Gov. Terry McAuliffe, which was attended by Biden, former President Bill Clinton and former Sen. Hillary Clinton, the former secretary of state and 2016 Democratic standard-bearer.
New poll signals warning for Biden
But the biggest boost to its June fundraising totals came from what the campaign said was $33 million raised between Thursday and Saturday of last week — the day of the first presidential debate and the two days after. The Biden campaign also touted its biggest fundraising moment of the campaign in the week immediately following the debate with Trump in Atlanta, Georgia, between 11 pm ET and midnight on Thursday.
But the biggest boost to its June fundraising totals came from what the campaign said was $33 million raised between Thursday and Saturday of last week — the day of the first presidential debate and the two days after. The Biden campaign also touted its biggest fundraising moment of the campaign in the week immediately following the debate with Trump in Atlanta, Georgia, between 11 pm ET and midnight on Thursday.
President Joe Biden reacts after speaking at a campaign rally, Friday, June 28, 2024, in Raleigh, North Carolina. (AP Photo/Matt Kelly)
Biden and the DNC had a large fundraising lead over Trump and the RNC earlier this year, but Trump and the RNC surpassed Biden and the DNC in fundraising for the first time in April.
And in May, the Trump campaign and the Republican National Committee, fueled by a fundraising surge following the former president’s historic criminal conviction, raised a staggering $141 million combined, handily outraising Biden and the Democratic National Committee.
Fundraising, along with polls, is a key indicator of the strength of candidates and their campaigns. Money raised can be used to bolster grassroots and get-out-the-vote efforts, human resources, travel, advertising, and more.
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The Biden campaign has used its resources to build a very strong ground operation in key battleground states, hiring its 1,000th staff member and announcing the opening of more than 200 affiliate offices in battleground states two weeks ago. The Biden campaign has a significant organizational advantage over the Trump campaign when it comes to grassroots activities and ground operations to encourage votes in states that are likely to determine the outcome of the reelection.
“The Biden-Harris campaign has made an historic financial increase and significantly expanded its influence and operations both at home and in key states – the resources we need to win a close election,” the campaign said in a statement.
CHESAPEAKE, VA – JUNE 28: Republican presidential candidate and former US President Donald Trump leaves the venue after speaking at a rally at Greenbriar Farm on June 28, 2024 in Chesapeake, Virginia. (Anna Moneymaker/Getty Images)
But the Trump campaign claims the Biden team is wasting money.
“Polls and voter enthusiasm for President Trump continue to grow, even as Biden spends nearly $120 million on TV, cable and radio alone. This fundraising momentum will likely grow even more as we head into the global convention and see Democrats continue their mass firing squad in the wake of Biden’s debate defeat,” LaCivita and Wiles argued in a statement.
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