Biden's Campaign Builds Fundraising Advantage over Trump as Legal Bills Mount

At the beginning of March, President Biden's campaign boasted an impressive $71 million in cash on hand, marking a significant surge in his fundraising power. This staggering amount put him at more than double the cash reserves of former President Donald Trump's campaign.

Trump's Struggle with Finances

On the other hand, the Trump campaign commenced the month with a modest $33.5 million in cash on hand. Despite adding approximately $3.5 million to its coffers, the campaign faced substantial expenses related to advertising, travel, and campaign events, particularly in response to challenges from Nikki Haley in the March 5 Super Tuesday contests.

Mounting Legal Bills

Notably, Trump's legal expenditures continued to mount, with his campaign and affiliated super PACs shelling out over $10 million in 2024 alone on legal fees. Save America PAC, the primary political action committee responsible for Trump's legal defense, expended over $5.5 million in February and a total of more than $8.5 million this year. In addition, the group carried approximately $500,000 in debt owed to Trump's attorneys into March. Trump's campaign also incurred legal fees exceeding $1.7 million in the first two months of the year.

Biden's Strong Fundraising Performance

During February, Mr. Biden's campaign reported an impressive fundraising figure of $21.3 million, with expenditures totaling around $6.3 million. The Democratic National Committee also achieved fundraising success, outpacing the Republican National Committee by $6 million, with a total of $16.6 million raised for the month.

Combined War Chest

The Biden campaign revealed that, in combination with the Democratic National Committee and affiliated joint fundraising committees, they had accumulated a total of $155 million in their war chest by March.

Escrow Account for Travel Costs

Noteworthy among the expenses was over $2.5 million of the Biden committee's funds allocated to a "DNC Travel Escrow" account, which serves to collate travel costs. It was stated that these funds would be utilized to reimburse the U.S. Treasury for trips taken on government planes, helicopters, and cars.

Strategic Expenditures

The campaign costs pertaining to media buys and payroll constituted a significant portion of the Biden campaign's expenditures. The campaign directed $1.6 million towards media buys or production, while 141 staff members received payroll payments. Additionally, plans were announced to recruit 100 field staffers in March, accompanied by a sizable $30-million ad buy over six weeks.

Trump Campaign's Financial Standing

In contrast, the Trump campaign, the Republican National Committee and the supporting political action committees commenced March with just over $74 million in cash on hand. MAGA Inc., the primary super PAC supporting Trump, started the month with over $25.5 million in cash following substantial contributions from affluent donors in February.

RNC Struggles

The Republican National Committee, however, lagged behind its Democratic counterpart, recording only an additional $2.6 million in cash reserves after expenditures. With recent mass layoffs and new leadership, the RNC's cash on hand finally surpassed $11.3 million by the end of the month.

Biden's Taunts at Trump's Expense

President Biden and his campaign opted to highlight Trump's financial struggles, particularly in comparison to their own proactive efforts in staffing and travel. At a Dallas fundraiser, President Biden humorously recounted an encounter with a debt-ridden individual seeking his help, cleverly alluding to the financial challenges faced by his predecessor's campaign.