Biden's Fundraising Lead Grows, Trump's Legal Expenses Increase: Key Insights from Recent Reports
Joe Biden's campaign continues to outpace Donald Trump in fundraising, further extending his financial advantage. While Trump's donations increased in February, he still lags behind Biden's accelerating fundraising momentum as they head towards the general election.
Donald Trump’s campaign received more donations in February, but Joe Biden's fundraising continued to outpace his. Biden's political operation increased its financial advantage over Trump as they entered March and prepared for the general election, according to new filings.
The financial reports filed on Wednesday night also highlighted the high cost of Trump's legal issues. In February, his legal bills exceeded the amount of money his leadership PAC received.
Robert Kennedy Jr., who is running for President independently, is facing criticism from Democrats. His campaign is being supported by a super PAC that is spending a lot of money to help him connect with voters and get on the ballot in more states.
In the latest campaign filings for February, here are some important points to note:
Biden steps on the gas
The new filings, which cover only a portion of the committees associated with each presidential contender, continue to show Biden’s early fundraising dominance.
At the end of February, the president had $71 million in his campaign account, which is more than double the $33.5 million held by Trump's campaign. In January, Biden already had a significant lead with nearly $56 million compared to Trump's $30.5 million.
Additionally, the Democratic National Committee has over double the amount of cash on hand compared to its Republican counterpart. This strengthens the Democrats' financial advantage over the political operation that Trump is building with the national GOP as he secures the party's nomination.
Some groups supporting the presidential candidates will not reveal their financial information to federal regulators until next month. However, the latest figures from the campaigns of the two candidates show a clear difference between them at the end of February.
According to a Trump campaign official who spoke to CNN, Trump’s campaign and joint fundraising committee raised a total of $20.3 million in February. As of the beginning of this month, they had a total of $41.9 million in cash on hand.
The amounts raised by Biden and Democrats in February, totaling $53 million, far surpass the fundraising efforts of Trump. Despite this, Trump has been more personally involved in meeting with donors, even hosting a high-ticket fundraiser at his Mar-a-Lago club in Florida next month. At this event, top contributors will have the opportunity to dine at his table and enjoy other perks, as shown in an invitation obtained by CNN.
Trump’s leadership PAC continues to rack up legal bills
Wednesday’s filings also underscore the financial strain of Trump’s continued legal woes.
The Save America leadership PAC, through which Trump has supported legal fees for himself and his allies, spent close to $5.6 million on legal bills in February.
Hedge fund manager John Paulson speaks with Donald Trump at a luncheon in New York City on September 15, 2016.
Hedge fund manager John Paulson speaks with Donald Trump at a luncheon in New York City on September 15, 2016.
John Angelillo/UPI/Alamy
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Save America's expenses surpassed its total receipts, with a large portion of the income coming from a $5 million refund received from the Trump-aligned super PAC, MAGA Inc. Save America has managed to retrieve over $52 million from the super PAC, redirecting funds from a designated account meant to assist Trump's presidential campaign to cover his increasing legal expenses.
Save America is approaching the depletion of the $60 million in refunds it had initially requested from MAGA Inc.
Trump is currently facing 88 criminal charges in four jurisdictions. Additionally, he is working to secure a half-a-billion-dollar bond to appeal his civil fraud judgment in New York.
Recently, Trump's campaign signed a joint fundraising agreement with the national and state Republican parties. As part of this agreement, a portion of the money raised will be allocated to benefit Save America. This move aims to help bolster the dwindling balance of the leadership PAC.
MAGA Inc., the Trump-aligned super PAC, received a total of $12.7 million in donations in February. This amount was significantly boosted by a generous $5 million contribution from Robert Bigelow, a hotelier and space entrepreneur based in Nevada.
Bigelow, who had previously backed Florida Gov. Ron DeSantis during his campaign, is one of many wealthy Republican donors planning to attend a fundraising event next month. The event aims to raise funds for both Trump and the Republican Party.
Joining Bigelow at the fundraiser are other notable contributors to Trump's super PAC, such as former Georgia Sen. Kelly Loeffler and businessman James Liautaud.
Kennedy-aligned super PAC boosts spending
A super PAC aligned with Kennedy boosted its spending in February, pouring resources into advertising and ballot-access efforts, the new reports show.
American Values 2024, the main super PAC supporting Kennedy's campaign, revealed a significant increase in spending last month. In February, they spent nearly $8.8 million, a huge jump from the $1.4 million spent in January. The largest expense was over $6 million for a high-profile Super Bowl ad on CBS, which was a controversial repurposed spot from the 1960 presidential campaign of Kennedy's late uncle.
In addition to the Super Bowl ad, the group also allocated around $950,000 for ballot access efforts. This investment is crucial as Kennedy aims to secure a spot on the fall presidential candidate rosters.
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American Values 2024 raised $4.2 million in the last month. The majority of this amount, $4 million, was contributed by Gavin de Becker, a megadonor and ally of the organization.
De Becker, who is an executive at a private security company, had previously donated $10 million to the super PAC. However, he was refunded $9.65 million in what super PAC officials have called an unusual arrangement known as "bridge funding."
Super PAC officials did not respond to a CNN inquiry on Wednesday regarding the $4 million donation made by de Becker in February. His firm has also been a top vendor for Kennedy's campaign.
The DNC recently filed a complaint against the super PAC, claiming that they did not properly disclose de Becker's activity as loans and loan repayments. American Values 2024 did not report any additional contributions refunded in February.
Kennedy’s main campaign committee raised $3.2 million and spent almost $2.9 million in the past month. As of March, they had about $5.1 million in cash on hand. Additionally, they owed more than $1.3 million to de Becker’s firm for security services and travel expenses.
Editor's P/S:
The latest campaign finance filings reveal a stark contrast in fundraising between Biden and Trump. Biden's political operation continues to outpace Trump's, with a $71 million advantage over Trump's $33.5 million at the end of February. This dominance is a significant factor as the candidates prepare for the general election.
Trump's legal woes continue to drain his resources, with his Save America leadership PAC spending $5.6 million on legal bills in February. The PAC's expenses surpassed its total receipts, highlighting the financial strain Trump is facing. Additionally, a super PAC aligned with Kennedy, American Values 2024, boosted its spending in February, pouring nearly $8.8 million into advertising and ballot-access efforts. The group's largest expense was a high-profile Super Bowl ad, highlighting Kennedy's efforts to secure a spot on the fall presidential candidate rosters. outside money in the political landscape.
