Home Latest News Money Race Heats Up: Biden’s Re-Election Campaign Trails Trump’s Funding by $2 Million

Money Race Heats Up: Biden’s Re-Election Campaign Trails Trump’s Funding by $2 Million

by Editorial Desk
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In a recent disclosure to the Federal Election Commission, financial reports revealed that President Joe Biden’s re-election campaign concluded with approximately $20 million in funds. However, this amount falls just short of the leading Republican candidate, Donald Trump, who reported over $22 million in his campaign coffers. These disclosures indicate a fierce financial competition as the November 2024 presidential election approaches.

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Compared to previous re-election campaigns, Biden’s war chest appears relatively smaller at this stage. For instance, at a similar point in 2011, Democrat Barack Obama had accumulated $37 million, while Trump had an impressive $56 million in June 2019. It is important to note that the disclosed funds represent a significant portion of the campaigns’ financial backing but do not encompass the money raised by allied super PACs. These political action committees often gather substantial sums from affluent donors and are scheduled to disclose their financial details later in July.

In an announcement made on Friday, Biden’s campaign revealed that when including the Democratic Party’s accounts, they had a combined $77 million available for the re-election effort. As of now, the president is not expected to encounter any significant challenges in the Democratic nomination contest. One of his competitors, anti-vaccine activist Robert F. Kennedy Jr., has reported raising a modest $6 million through June. Another contender, self-help guru Marianne Williamson, has garnered less than $1 million in campaign funds.

Meanwhile, Trump’s campaign, launched in November, has spent approximately $9 million in the three months leading up to June, surpassing all other campaigns in terms of expenditure. Notably, over $2 million of these expenses were paid to Campaign Inbox LLC, a digital fundraising firm. Florida Governor Ron DeSantis, who ranks second to Trump in most opinion polls for the Republican nomination, has around $12 million in his campaign account, significantly less than the $21 million held by fellow Republican Tim Scott, a U.S. senator from South Carolina. DeSantis and Scott officially launched their campaigns in May.

In addition, two long-shot Republican candidates, Doug Burgum and Vivek Ramaswamy, have disclosed injecting millions of dollars from their personal finances into their campaigns. Governor Burgum of North Dakota loaned approximately $10 million to his campaign, while former biotechnology executive Ramaswamy lent his campaign about $15 million.

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