Former President Trump is lagging far behind President Biden in fundraising, potentially putting him at a significant disadvantage as the general election race kicks into gear.
Trump's fundraising increased in February compared to January, but his monthly haul and cash on hand entering March were much less than Biden's.
Election filings revealed that Trump's 2024 campaign collected $10.9 million last month, while his joint fundraising committee raised nearly $11 million. His overall operation had about $42 million in cash on hand in March.
These numbers were significantly lower than Biden’s campaign, which raised roughly $53 million in February, leaving it with $155 million in cash on hand in March.
A GOP strategist admitted on Thursday that the fundraising performance was unsatisfactory, saying, 'All I can say is they need to do better. Much better. I still think he could win regardless but they’ve got to keep this competitive and it’s not right now.'
Doug Heye, a long-serving Republican strategist, suggested that the figures highlighted concern among GOP donors, especially due to the former president’s legal issues.
Heye highlighted the lack of cash in the coffers, the laying off of field staff, and the ongoing fear that RNC funds will be used to pay Trump’s lawyers as factors deterring voters.
The Biden campaign took a shot at Trump on Thursday, using his own “You’re fired” catchphrase from 'The Apprentice' to emphasize that he’s falling behind in fundraising.
Biden campaign communications director Michael Tyler criticized Trump's fundraising, attributing it to his extreme agenda and stating that it does nothing to gain support from the voters who will decide the election.
Tyler added that even if Trump had the money, it's not a message the voters would buy.
In a memo to reporters, Biden spokesperson Ammar Moussa pointed out that Trump spent about one-third of his raised funds on legal fees, a problem likely to persist given the former president's legal challenges.
The Biden campaign expressed confidence in their fundraising capabilities, pointing to the $10 million they raised in the 24 hours after Biden’s State of the Union.
Biden had three fundraisers in Texas this week and is scheduled to attend two more next week, including one in New York City alongside former President Barack Obama and former President Bill Clinton.
Trump, who became the GOP’s presumptive nominee earlier this month, could see a fundraising boost as the general election matchup becomes clearer for voters and as he merges his operations with the Republican National Committee (RNC). However, the RNC itself is trailing in the cash race, holding about $11 million in the bank entering March compared to the Democratic National Committee’s $26 million cash on hand.
In addition, the former president has been spending a lot of money on his legal fees for four separate criminal trials. He also has a deadline to pay a $454 million judgment after a New York judge found him guilty of inflating his assets for tax and insurance benefits and committing fraud.
The former president is organizing a large fundraiser in Florida in early April, which his supporters hope will increase his funds and attract major donors to his side for the long general election campaign.
Some Republicans believe that the money won’t help Biden, even though he is leading in the race for cash.
“People think he’s old and weak,” said Shermichael Singleton, a Republican strategist. “They think he’s unsuccessful on the economy, immigration, and Middle East policy, and no amount of money will change that.”
In the 2016 campaign, Hillary Clinton, the Democratic nominee, raised and spent more money than Trump but still lost on Election Night.
Referring to that race, Heye, who worked as a communications aide at the RNC, said Trump could win again. He pointed to Biden’s current polling in key states and his approval rating, which remains low.
“Trump won in 2016 without a real team or fundraising apparatus,” he said. “And if polling and fears are correct, could do so again.”
However, he added, “Clearly the donor community needs more reassurance.”
