He and his party ended March with $192 million in cash on hand, the largest amount Democrats have raised to date, according to a statement from the incumbent White House campaign. That’s more than double the $93.1 million Trump and the GOP announced in late March.
Biden received his largest amount from small donors to date, breaking records set in each of the previous four months. The campaign doubled the size of its email list and saw twice as much engagement from those receiving its emails and text messages.
In addition, donors with “deep pockets” joined. So, in March, at one of the events in New York, with the participation of Biden and ex-presidents Bill Clinton and Barack Obama, $26 million was collected.
Since announcing his candidacy for re-election in April 2023, Biden has raised more than $422 million. As an incumbent with only nominal opposition in the primaries, he was able to save money for the general election. Donald Trump, meanwhile, competed through a costly primary season, fending off rivals including Florida Gov. Ron DeSantis and former U.S. ambassador to the United Nations Nikki Haley.
In March, 704,000 donors made 864,000 contributions, and Biden’s highest single day raised was $10 million after his State of the Union speech. A competition to participate in a fundraising event in New York brought in $9.5 million from ordinary donors.
“The money we are raising is historic and will go towards the critical work of building a winning campaign,” said campaign manager Julie Chavez Rodriguez, pointing to campaign offices across the country, staff expansion in election states, and to the paid media program.
Biden hopes to take advantage of Trump’s legal problems, which include four criminal charges that have “eaten up” part of his “combat reserve”, writes Bloomberg.
In a fundraising update Saturday, Biden’s campaign touted his solicitation of small donors, a signature Trump fundraising feature in the past, and said his opponent was in Florida “collecting checks from several billionaires who want to cut taxes.”
Meanwhile, Trump, who only started fundraising for the Republican National Committee in mid-March, has raised $65.6 million but is determined to raise even more.
Organized by billionaire John Paulson on Saturday, April 6, the event in Palm Beach, which was attended by sponsors writing six-figure checks, brought in $50.5 million for Trump. Before he won the nomination and began raising money for the Republican Committee and state parties, Trump could only accept $3,300 from individuals for his campaign. Now he can receive 814,600 thousand dollars from one donor.
Trump’s financial problems
Donald Trump faced serious financial problems in his election campaign due to a number of criminal cases brought against the politician.
The case involving civil fraud turned out to be the most costly. On February 24, New York State Judge Arthur Engoron formally ordered Trump to pay $454.2 million in fines after he was found guilty of manipulating his net worth. The politician’s lawyers stated that it was impossible to pay such a sum.
Trump appealed the decision. On March 25, the appeals court suspended the decision of the New York State Supreme Court and ordered the politician to post a $175 million bond within 10 days, which guaranteed immunity from seizure of his assets.
On Monday, April 1, Trump posted $175 million bail, guaranteeing that New York State Attorney Letitia James would not seize any of his assets or bank accounts during his appeal.
However, the New York State Supreme Court rejected the submitted documents and asked Trump for his current financial statements.
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2024-04-07 02:37:41
