WASHINGTON – In an unexpected twist, President Joe Biden’s re-election campaign outperformed former President Donald Trump’s in both fundraising and spending for June, according to financial disclosures released on July 20. This financial boost came even after Biden’s debate performance in late June, which faced widespread criticism.
Biden’s campaign raised $64 million in June, spending $59 million primarily on advertising, and ending the month with $95 million in reserves, as per Federal Election Commission (FEC) filings. In contrast, Trump’s campaign reported raising $21 million and spending about $10 million, concluding June with $128 million in cash.
Despite concerns over Biden’s debate performance on June 27, where he struggled to counter Trump’s attacks, Biden managed to raise over $5 million in the immediate aftermath, highlighting strong support from his base.
However, July has seen increased calls from Democratic lawmakers for Biden, 81, to withdraw from the race, citing concerns about his age and debate performance. Reports indicate that Biden’s fundraising has slowed this month, with some major donors urging him to step aside.
If Biden exits the race, his campaign funds could potentially be transferred to Vice-President Kamala Harris, should she become the Democratic nominee, or to the Democratic Party, which raised $39 million with its main fundraising group in June.
Trump’s campaign, although outraised by Biden in June, had seen a significant fundraising boost in May following his business fraud conviction. Trump’s main fundraising account for the Republican Party raised $67 million in June.
Super PAC contributions have also been pivotal for both campaigns. MAGA Inc, supporting Trump, raised over $22 million in June, with major contributions from hotelier Robert Bigelow and former wrestling executive Linda McMahon. On Biden’s side, LinkedIn co-founder Reid Hoffman contributed $3 million to FF Pac, a super PAC supporting Biden’s re-election.
As both campaigns navigate the complexities of the election season, the financial strategies and public support for each candidate will play a crucial role in the lead-up to the November 2024 election.