Former President Trump and his supporters are making more efforts to raise money and narrow the gap between him and President Biden.
Trump, known for his fundraising skills in past elections, has had a somewhat financially disappointing start in 2024. Biden raised significantly more than him in the last quarter of 2023, $33 million to $19 million, and that difference continued into the new year.
Trump and the Republican National Committee (RNC) collected over $65 million in March, a significant improvement from previous months. The Biden campaign has not yet announced its March figure, but it is likely to also be substantial after a recent fundraiser featuring former Presidents Obama and Clinton, as well as celebrities like Stephen Colbert and Queen Latifah.
On Saturday, the former president aims to surpass and raise more money than Biden with his own large fundraiser in Palm Beach, Fla.
Republican strategist Ron Bonjean said, 'He can definitely catch up over time, and it’s going to be definitely needed for getting out the vote because it could be another very close election. That’s where it’s really going to make a difference.'
Trump’s significant Palm Beach fundraiser
Trump’s campaign raised $13.8 million in January and just over $20 million in February. But Biden’s team easily exceeded those amounts, raising $42 million and $53 million. Going into March, Biden had a substantial advantage in cash on hand, with $155 million to Trump’s $42 million.
Incumbents typically have a fundraising advantage in a general election, especially at the beginning, though 2024 is unusual with the challenger having previously served in the Oval Office as well. But Trump seems to be showing that he is increasing his fundraising efforts with the upcoming event on Saturday.
The event will include several extremely wealthy donors like billionaire TikTok investor Jeff Yass and payday lender founder Michael Hodges. Hedge fund founder John Paulson is hosting the event. feature Guests at the event are being requested to donate at least $250,000 per person.
Trump will seek to achieve more with less money
The Trump campaign and the RNC established a joint fundraising committee last month after Trump officially became the presumptive nominee to simplify donations.
Bonjean said the committee will be more efficient than acting separately and will help direct donations to where they can be most useful.
He pointed out that Trump has done well with small-dollar donations, which are likely to increase as the general election progresses, and argued that the difference between Trump and Biden would negatively impact other candidates more than Trump due to the “free media” coverage that Trump regularly receives.
“Trump is a walking television ad, and no matter what his messaging is in those ads, the latest thing that he has stated is usually what leads the headlines,” Bonjean said.
Republican strategist Ford O’Connell said Trump likely understands that he will have less money to work with than Biden during the campaign due to how much will need to be diverted to pay his legal expenses.
A crucial fact about the joint fundraising committee established by the Trump campaign and the RNC is that donations are initially directed to his campaign and the Save America PAC, which is covering his legal expenses.
According to O’Connell, even though Trump is able to achieve more with less, he receives a lot of media attention without having to pay for it. arrangement Alienated Republicans might support Trump.
Alienated Republicans may fund Trump
Michael DuHaime, a Republican strategist who previously directed RNC's political activities and advised former New Jersey Gov. Chris Christie’s 2024 campaign, expressed his lack of surprise over the difference due to Biden’s incumbent position. He also mentioned that Trump has alienated many conventional center-right donors who typically endorse the Republican nominee.
Haley was able to maintain substantial financial support throughout January and February, even though Trump was winning most of the competitions in which they competed. She was backed by Charles Koch’s political network and significant donors like Home Depot founder Ken Langone.
DuHaime stated that he has observed some individuals who previously supported Haley or other candidates now backing Trump as he will officially be the nominee. He noted that Biden's failure to engage anti-Trump Republicans could lead to him losing potentially valuable supporters. Biden has not reached out to prominent Republicans who do not support Trump, including Christie, Susan Collins, Mitt Romney, Todd Young, Bill Cassidy, and Lisa Murkowski.
DuHaime believes that Biden's lack of outreach to traditional mainstream conservative, pro-business right could also have implications for fundraising. He suggested that these individuals, who may be seeking an alternative to Trump, may end up supporting Trump instead.
Politico reported Biden has increased efforts to attract former Haley supporters following her exit from the race, releasing ads and statements aimed at bringing some of them on board.
After Haley dropped out, Biden stated, “Donald Trump made it clear he doesn’t want Nikki Haley’s supporters. I want to be clear: There is a place for them in my campaign.”
DuHaime questioned the impact of candidates’ TV ads, considering that many voters’ opinions about Trump and Biden are already established. He emphasized that money will likely be crucial this year in getting voters to turn out. With Trump having to allocate a substantial amount to legal fees, Democrats may have an advantage.
It's acknowledged that Trump’s expected $33 million fundraiser on Saturday is a significant and anticipated figure as a major party nominee.
He added that Trump’s anticipated $33 million fundraiser on Saturday is both a substantial figure and a predictable one as a major party nominee.
“It’s an impressive number, but it needs to be for him to be a candidate that can overcome obviously the many challenges that he faces,” he said.
Julia Manchester contributed reporting.
Former President Trump and his allies are intensifying fundraising efforts to close the funding gap between him and President Biden. Trump, known for his fundraising abilities in previous election cycles, had a relatively slow start financially in 2024. Biden significantly outperformed him in the last quarter of 2023, raising $33 million to Trump's…
