The re-election campaign for President Joe Biden reported on Wednesday that it had received $21 million in donations in February, expanding its financial lead over the Trump campaign and the Republican National Committee to more than $50 million.
According to a report filed with the Federal Election Commission, the Biden campaign ended February with $71 million cash on hand, which, combined with the Democratic National Committee, puts the president’s war chest at $97.5 million, POLITICO reported. Biden now boasts of campaign funds more than doubling the combined money of the Trump campaign and the RNC, which has $44.8 million on hand.
Some of the Biden campaign’s biggest donors so far for the 2024 cycle include tech firms, labor unions, and leftist super PACs such as Democracy PAC II, which is supported by billionaire George Soros. Much of the Trump campaign’s donations have come from organizations such as McMahon Ventures, an LLC owned by the WWE’s Linda McMahon; Hendricks Holding Co, which was founded by conservative multibillionaire Diane Hendricks; and Crownquest Operating, an oil drilling company founded by GOP megadonor Tim Dunn.
Faced with civil and criminal cases on multiple fronts, Trump’s fundraising haul for his 2024 campaign is falling short of the numbers he posted in 2020, and millions of dollars have been spent by Trump-supporting PACs to help cover his legal costs. The former president and his organization also face a $464 million fine following the judgment in his New York civil business fraud case. Trump said earlier this week that he could be forced to sell his properties to secure bond for the massive fine.
“I would be forced to mortgage or sell Great Assets, perhaps at Fire Sale prices, and if and when I win the Appeal, they would be gone. Does that make sense? WITCH HUNT. ELECTION INTERFERENCE!” Trump said in a post on Truth Social.
On Wednesday, Biden mocked his political rival’s financial situation, saying, “Donald, I’m sorry I can’t help you,” according to POLITICO.
While the president currently has a significant spending advantage over Trump, his polling numbers against the Republican candidate remain dismal. Biden trails Trump by two percentage points nationally in a two-way race, according to the RealClearPolitics polling average. When third-party and independent candidates are factored into the polling average, Biden’s deficit remains the same, as the president falls behind Trump by 2.3 points.
More alarming for the Biden campaign are the numbers from battleground states that Biden won in 2020, where he now trails in the polls. According to the RCP average, Trump leads Biden in Arizona, Georgia, Michigan, Nevada, and Pennsylvania — vital swing states that all went for Biden in the last presidential election.
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The Trump campaign and RNC have a long road ahead of them to catch up to Biden’s numbers, especially with Trump’s civil and criminal cases ongoing. The RNC is also undergoing a major leadership shift after Ronna McDaniel officially stepped down as chair earlier this month. Michael Whatley and Trump’s daughter-in-law, Lara Trump, were elected as the new chair and co-chair, respectively.