Former President Donald J. Trump has been rapidly closing the fundraising gap with President Biden in the 2024 election race. Despite Biden’s initial financial advantage, Trump’s recent surge in donations following his felony conviction has significantly narrowed the margin between the two candidates.
In May, Trump out-raised Biden for the second consecutive month, bringing in approximately $141 million compared to Biden’s $85 million. This marked a significant increase from April when Trump’s campaign also raised $25 million more than Biden’s team. As a result, Trump has been able to reduce Biden’s $100 million cash lead at the start of April by at least half in just two months.
While Biden’s campaign reported entering June with $212 million on hand combined with the party, Trump and the Republican National Committee have not disclosed their full cash on hand since March. However, partial reports indicate that Trump has amassed a war chest of at least $170 million with the party.
The final financial details of both campaigns will be revealed in federal filings next month. Despite Trump’s improved fundraising efforts, experts like Brian Derrick, the founder of a Democratic fundraising platform, Oath, believe that Biden still has the necessary funds to run a strong campaign.
Overall, the race for campaign cash seems to be tightening as Trump gains momentum in fundraising and Biden continues to invest heavily in advertising. Both candidates are expected to enter the summer with relatively equal financial resources, setting the stage for a closely contested battle for the presidency in 2024.
