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Biden raises more than Trump, pressured by Trump’s legal bills

President Joe Biden’s reelection campaign ended January with nearly $56 million on hand, extending his cash advantage over former President Donald J. Trump, whose campaign ended the month with about $30 million on hand .

This is a jump for Mr. Biden, End-2023 revenue of $46 million As money piled into his campaign coffers, Trump’s campaign dwindled, with $33 million on hand at the end of the year.

Biden appears to be gaining an advantage, in part because the Democratic establishment and its fundraising prowess have quickly coalesced behind him in what is expected to be the most expensive presidential race ever. Mr. Trump, even as he seeks full Republican approval for his renomination, faces significant questions about the political and financial fallout from his many legal problems.

The stark disparity in campaign finance outlined in Tuesday’s filing with the Federal Election Commission does not tell the full story of how the president and the man he defeated in 2020 raised and spent money as they race toward a possible rematch in November.

For one thing, both Trump and Biden raise money through joint fundraising committees, which are not required to submit reports until April. These committees often divert funds to campaigns to pay salaries and buy advertising time. From these numbers, the overall financial picture of the candidates is not entirely clear.

More broadly, Tuesday’s filing with the FEC points to differences in the situation.

Now-President Joe Biden has raised money with the Democratic National Committee, a party behemoth that could build an on-the-ground operation for his re-election campaign. On Tuesday, his team reported that committees raised a total of $42 million in January to support his re-election efforts, with a total of $130 million on hand as of the end of January.

The Democratic National Committee alone reported it had $24 million on hand as of the end of January.

Mr Trump, on the other hand, is still battling primary challenger Nikki Haley. He was unable to raise money with the Republican National Committee until he won the nomination. (The Republican National Committee reported Tuesday that it had $8.7 million on hand) at the end of January. )

And, perhaps more critically, committees supporting Mr. Trump spend millions of dollars each month on legal fees.

Mr. Trump faces four criminal indictments and civil cases: Proving to be costlyLast year, the committee backed him At least $50 million was spent In terms of legal fees, they are likely to balloon as he prepares for a possible trial this year, documents show.

Ms. Haley, who promises to continue Although she lost the nominating contests in Iowa and New Hampshire, her bid for the nomination remained hopeful at least until Super Tuesday on March 5, and she raised a significant amount of money in January.

But for the first time since she entered the race, her campaign reported spending more than it raised — $13.1 million compared to $11.5 million in spending in January. (Two committees supporting her did not submit reports Tuesday.)

Her campaign reported $13 million in cash on hand at the end of January, down slightly from $14.6 million at the end of December.

Biden’s victory in January may ease some concerns among his supporters that he has not galvanized enough financial support.

By the end of 2023, pro-Biden committees had raised a total of $97.1 million and had a total of $117 million on hand. It wasn’t the landslide some in the party expected, given Trump’s divisiveness and approval ratings. In fact, the former president dedicated resources to major fights and legal expenses.

On Tuesday, Biden’s campaign manager Julie Chávez Rodríguez described his January fundraising efforts as “an undisputed show of strength at the start of an election year.”

She added: “While the Biden-Harris team continues to build its fundraising machinery, Republicans are divided – spending money to fight Donald Trump or spending money to support Donald Trump’s extremes and failures. agenda.”

The Trump campaign had $30.5 million on hand as of the end of January, but also listed debts of about $1.1 million, offset by $490,000 owed to the campaign. The campaign raised $8.8 million in January and spent $11.4 million.

Mr. Trump raises money for his campaign primarily through the Trump Save America Joint Fundraising Committee, which did not file documents on Tuesday. The joint fundraising committee raised $75.2 million and spent $77.3 million in the second half of 2023, ending with $3.6 million on hand for the year.

One of Mr. Trump’s committees, PAC Save America, the organization he leads to pay his legal bills, reported in January that it had $6.3 million on hand at the end of January. The group spent nearly $3 million on legal fees in January, and documents show it also owes more than $1.8 million to attorneys representing Mr. Trump in various criminal and civil cases.

Steven Cheung, a supporter of Mr. Trump, responded to a request for comment by sending a link to An article from Fox NewsAccording to reports, Trump is expected to raise more than $6 million at a fundraiser in South Carolina on Tuesday night. (Mr. Biden has deep pockets) Plan a fundraising event This week in California. )

Save America reported January revenue of $5,008,508.87, $5 million of which was transferred from MAGA Inc., a pro-Trump super PAC. The New York Times reports Last month, transfers of approximately this size occurred every month, which is Huge refund From super PAC to committee.

MAGA Inc. had $19.7 million on hand at the end of January, down from $23.3 million at the end of December.

Of the $7.4 million MAGA Inc. raised in January, $5 million came from Timothy Mellon, the banking heir and businessman who has donated a total of $15 million to MAGA Inc. so far.

Mr. Mellon also drew attention from Democrats Third Party Spoiler Challenge Mr. Biden added an additional $20 million to a political action committee (PAC) supporting Robert F. Kennedy Jr., the political science and Democratic-turned-independent running for president.

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