President Joe Biden entered the election year with an early financial edge over Donald Trump’s presidential campaign, new filings show – a bright spot for an incumbent with low approval ratings who is girding for a bruising general election rematch with his 2020 foe.
Biden had nearly $46 million in cash on hand, compared with $33 million amassed by Trump, who is still working to dispatch his lone, remaining major rival for the GOP nomination, former South Carolina Gov. Nikki Haley.
But the reports underscore the challenges ahead for the president: Despite facing no real threats to his nomination, Biden has not amassed the cash reserves that would give him an overwhelming advantage over Trump, whose campaign is contending with the former president’s mounting legal woes and Haley’s staying power in the race.
Trump’s available cash was more than double the $14.6 million in reserves held by Haley, according to Wednesday night filings with the Federal Election Commission.
Haley’s consistently strong fundraising has helped sustain her long-shot bid, despite placing far behind Trump in the Iowa and New Hampshire nominating contests. She has ignored demands by Trump and his allies to exit the race, insisting she’s the Republican best positioned to unseat Biden in the fall.
Haley is currently in the midst of a multistate fundraising swing to build up the campaign dollars needed to prolong the fight until her home state primary on February 24 or possibly beyond to Super Tuesday on March 5.
Here are some takeaways from the new filings:
Although his main campaign committee entered 2024 with a cash surplus, Trump’s political operation is spending heavily – as he uses campaign donations to help underwrite his mounting legal bills.
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