TOPLINE
In another indication that President Trump is falling behind in his reelection bid, the Biden campaign doubled its available cash since April and reduced Trump’s lead to just a third of what it was in late May.
WILMINGTON, DELAWARE – JULY 14: Democratic presidential candidate former Vice President Joe Biden … [+]
KEY FACTS
Biden and the Democratic National Committee jointly raised $ 141 million in June, beating Trump and the Republican National Committee by $ 10 million.
June marked the second consecutive month Biden outraged Trump; in May he raised $ 81 million from Trump’s $ 74 million.
Since getting the nomination in April, Biden has been gradually reducing Trump’s sizable cash advantage, which was more than $ 200 million in March, $ 153 million in April, and $ 143 million in May.
Biden’s campaign manager Jen O’Malley Dillon announced Thursday that the campaign had $ 242 million in cash in July, compared to the $ 122 million that came in June.
Trump and the RNC’s war chest grew from $ 265 million entering June to $ 295 million in early July, the campaign announced earlier this month.
Overall, Trump’s cash advantage decreased from $ 143 million entering June to just $ 53 million entering July.
Key background
As the country began to close in March, Democratic donors were reportedly concerned that Biden, whose strength comes with the retail campaign in person, would fight to overcome his sizable deficit before the election. But Biden’s campaign has skyrocketed throughout the pandemic, with months of consistently robust fundraising and his leadership in the RealClearPolitics average doubled from 4 points in late February to 9 points now.
Surprising fact
Biden and Trump had their best fundraising days in June. A virtual fundraiser with former President Barack Obama on June 20 gave Biden a staggering $ 11 million from 175,000 donors. Trump also raised $ 14 million in online fundraising on his birthday, breaking the online fundraising record of his previous single-day campaign of $ 10 million.
Big number
$ 2.82 billion. According to FEC data compiled by Forbes, the 2020 presidential election has cost roughly $ 2.82 billion thanks in large part to the collective $ 1.4 billion spent by billionaires Tom Steyer and Mike Bloomberg on their unsuccessful campaigns primary. That’s already much higher than the $ 2.21 billion price of the entire 2016 presidential election, with four months to go before November.
