In May and June, significant events impacted presidential campaign funding even before an assassination attempt on former President Donald J. Trump. The new campaign finance filings revealed the financial standing of both Trump and Biden’s campaigns. Trump’s conviction on 34 felony counts on May 30 and Biden’s poor debate performance on June 27 were pivotal moments for both campaigns. The full extent of the financial impact of the assassination attempt on July 13 will be disclosed in upcoming filings next month.
As of June 30, Trump’s campaign had $128 million on hand, while Biden’s campaign had around $96 million. Despite this, the Biden campaign outspent the Trump campaign six times over in June, giving Republicans a financial edge. Trump’s felony conviction played a significant role in boosting the Republican National Committee’s finances. The R.N.C., which had $9 million in cash on hand at the end of January, saw a substantial increase to $102 million by the end of June. This surge in funds was fueled by a spike in small-dollar donations following Trump’s conviction.
On May 30, the day of Trump’s conviction, he and allied Republican groups raised approximately $69 million, setting a new record. The R.N.C.’s cash reserves nearly doubled from $54 million at the end of May to $102 million by the end of June. The financial data from campaign committees and fundraising processing firm WinRed highlighted the impact of Trump’s conviction on fundraising efforts.
The cumulative contributions to both Biden and Trump’s campaigns were compared with the 2020 election cycle. The data showed a significant increase in funds raised for both parties, with Trump’s campaign showing higher figures for the current cycle compared to Biden’s. Trump’s financial advantage over Biden was largely attributed to the aftermath of his conviction and the subsequent increase in small-dollar donations.
Overall, the financial landscape of the presidential campaign has been shaped by key events such as Trump’s conviction, Biden’s debate performance, and the ongoing fundraising efforts of both parties. The upcoming filings will provide a more detailed picture of how the recent events have influenced campaign funding and the overall strategies of the candidates moving forward.
