As President Joe Biden faces off against former President Donald Trump in the 2024 campaign, the Democratic party is growing increasingly concerned about the fact that Trump has now caught up to and surpassed Biden in fundraising.
While Biden’s campaign enjoyed a significant financial edge for most of the campaign, Trump has made a significant turnaround in May, according to Federal Election Commission filings, with Trump’s campaign committee raising twice as much as Biden’s – $75.4 million compared to $37.7 million.
Hank Sheinkopf, a Democratic strategist, expressed surprise at the turnaround, noting that Trump’s campaign finances should not be competitive, especially given Trump’s legal issues.
“What Democrats should worry about is that it’s even within distance – that the money is going on at Trump’s side at such a clip,” Sheinkopf said.
However, a Biden donor, who spoke anonymously, dismissed the concerns, attributing Trump’s surge to the latter’s efficient use of funds.
“Our campaign, from the moment we’ve started, is more focused on what we’re doing with our resources, rather than trying to play a game of who’s raising what,” said Biden deputy campaign manager Quentin Fulks. “That is where our investments are going, directly into field [operations].”
Not all Biden donors were disheartened, with one noting that Trump can’t catch up to Biden’s early fundraising efforts, which were key to building the Biden campaign’s organizational strength.
“That early money counted because it allowed for Biden to build out all of these offices, which have been cranking along, and that’s not something Trump can catch up on,” said the donor, Alan Kessler.
In response to concerns over the fundraising disparity, the Trump campaign portrayed the surge in Trump’s fundraising as a vindication of Trump’s campaign momentum.
“The latest surge in fundraising and wiping out the campaign cash advantage in May reflects the momentum of President Trump coming out of a historic primary election season is growing as we move to November,” said Trump campaign spokesman Brian Hughes.
Despite their fundraising disadvantage, Biden’s campaign continues to point to Trump’s legal troubles and other perceived negatives as reason to doubt the Republican candidate’s chances of winning in November.
Trump and Biden are currently neck-and-neck in the polls, with a recent NPR/PBS News/Marist College national poll showing the two tied with 49% of the vote.
