US Presidential Election 2024: Cash Disparities Revealed
Recent filings with the Federal Election Commission have unveiled significant cash disparities between former President Donald Trump and current President Joe Biden as they gear up for the upcoming presidential election in November.
Biden Leads in Cash On Hand
According to the latest reports, Joe Biden’s re-election campaign boasts a substantial financial advantage over Donald Trump. By the end of February, Biden’s main campaign account held $71 million in cash, more than double the $33.5 million in Trump’s account.
Financial Overview
In February, Trump’s campaign received over $3 million, adding to the $30 million already on hand from January. Meanwhile, Biden’s campaign added $15 million to its $56 million cash reserves by the end of January.
Democratic Party’s Cash Advantage
Despite Trump leading in some national polls, Biden and the Democratic Party are steadily building a cash advantage. The Democratic National Committee reportedly has more than double the cash on hand compared to its Republican counterpart.
Joint Fundraising Committees
Both Biden and Trump are raising funds through joint fundraising committees, which will provide a clearer financial picture once their reports are filed next month.
Reasons Behind the Cash Gap
Biden’s advantage can be attributed to his current presidency status and early campaign start compared to Trump, who only became the presumptive Republican nominee in February. Trump’s financial challenges have led to strategic meetings and fundraising efforts to bridge the gap.
Legal issues have also impacted Trump’s finances, with significant sums being spent on legal bills. The group Save America, associated with Trump’s campaign, reportedly allocated $5.6 million towards legal fees in February alone, marking the highest monthly expenditure since its inception in 2020.
Overall, the financial disclosures highlight the evolving dynamics of the 2024 US Presidential Election and the critical role of fundraising in shaping the campaigns.