Former President Trump’s campaign has reported that it raised $331 million in the second quarter of 2024, outpacing President Biden’s $264 million. Additionally, Trump’s campaign has more cash-on-hand, with $284.9 million compared to Biden’s $240 million. However, Biden raised $127 million in June, surpassing Trump’s $111.8 million. The Trump campaign highlighted their financial advantage, pointing out Biden’s growing expenses with no significant results.
The cash reports come as Biden faces criticism following a disastrous debate with Trump. At 81, Biden is the oldest president in history, and his performance sparked concerns within the Democratic Party about his ability to secure a second term. Despite this, Biden’s campaign raised $30 million at a fundraiser in Los Angeles with former President Obama and other celebrities. The campaign also raised over $8 million at an event with former President Bill Clinton and former Secretary of State Hillary Clinton.
Biden’s fundraising received a significant boost, with a $33 million surge after the first presidential debate. This marks a reversal from earlier in the year, when Trump’s campaign overtook Biden’s in fundraising for the first time. Money raised is crucial for building up grassroots support, staffing, and advertising. While the Biden campaign has been investing in ground operations, the Trump campaign argues that Biden’s spending has not translated into results, as polling and voter enthusiasm favor Trump.
Despite Biden’s fundraising success, the Trump campaign remains confident in their ability to secure victory in the upcoming election. They expect fundraising momentum to continue as they head into their convention. The Democrats, on the other hand, are facing internal conflicts in the aftermath of Biden’s debate performance. The Trump campaign sees this as an opportunity to capitalize on the disarray within the Democratic Party and build on their fundraising momentum.
Fundraising and public opinion polling are key indicators of a campaign’s strength, and both parties are closely monitoring these metrics. The Biden campaign’s focus on expanding operations in battleground states has given them an organizational advantage. However, the Trump campaign argues that Biden’s spending has not had the desired impact and believes their momentum will grow as the election draws closer. With both candidates gearing up for a competitive race, fundraising and grassroots support will play a crucial role in determining the outcome of the election.