Biden vs Trump: US President has three times more cash than Republican frontrunner for 2024
As the 2024 White House race seems to take place between the former and incumbent presidents of the United States, a new report states Joe Biden’s cash in hand is more than three times that of cash available with Donald Trump and the Republican National Committee (RNC) as revealed in the previous reports.
Former US president Donald Trump (left) and US President Joe Biden (AFP)
However, Trump and RNC have not released their fundraising totals for January 2024.
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Before the 2024 election, Biden’s campaign managed to receive over $42 million in January, increasing their total cash in hand to nearly $130 million, Newsweek reported.
After the Republican primary season began, according to Biden’s team, the campaign saw a significant increase in donations. Notably, the campaign raised $1 million for three days in a row after the Iowa caucus, which resulted in Trump’s massive victory.
The figures show Biden may surpass his anticipated Republican opponent by a significant margin. Trump’s campaign team reported raising $19 million in the last quarter of 2023, with $33 million in cash on hand. In the same time frame, RNC had $8 million in available cash, as per Federal Election Commission filings.
Also Read: ‘We are watching’: E. Jean Carroll threatens to sue Trump for third time over repeated attacks
Biden’s campaign takes dig at Trump and Republicans
In a statement, Biden’s campaign manager Julie Chavez Rodriguez took a dig at Trump and Republicans, saying either they are “spending money fighting Donald Trump, or spending money in support of Donald Trump’s extreme and losing agenda.”
“Either way, judging from their weak fundraising, they’re already paying the political price. In an election that will determine the fate of our democracy and our freedoms, President Biden’s campaign is using its resources to build a winning operation that will meet voters where they are about the stakes of this election.”
Since the Biden declared in April of last year that he would run for reelection, his campaign reported that it has raised $278 million in total. It also stated that 97 percent of the 3 million donations that the campaign has received so far were under $200 each.
Also Read: GoFundMe will not halt $355m fundraiser for Donald Trump amid boycott calls
Trump and his campaign struggle amid his legal battles
In the last election, when Trump was running as an incumbent, his campaign had raised over $60 million and claimed to have $200 million cash in hand.
In addition to having less money than Biden for his latest bid to win the presidency, Trump is spending tens of millions of dollars on legal fees.
After a New York jury found that Trump had defamed former Elle columnist E. Jean Carroll, he was ordered to pay Carroll more than $83 million.
In a another instance, Trump was penalized $355 million for years of filing false financial statements that exaggerated the worth of his assets and real estate.
Trump is unable to pay his civil fines using previously donated campaign funds.
A GoFundMe donations page has raised more than $600,000 in a bid to assist Trump’s $355 million fraud penalty .
Meanwhile, a legal expert told Newsweek that Trump is unlikely to be spared from paying the millions of dollars he owes from recent litigation if he files for bankruptcy.
Professor of corporate law at Case Western Reserve University in Cleveland, Ohio, Eric C. Chaffee, said that Trump would still need to liquidate assets to cover his $450 million debt from fraud and defamation lawsuits.
