Recent polls have given Democrats good reason to feel gloomy and anxious about President Joe Biden’s chances of winning re-election. But there’s an important area in which Biden is outstripping former President Donald Trump: money.
Biden and the Democratic Party have a significant cash advantage over Republicans at the moment. That could change in the coming months, but so far it’s a sign that Democratic donors are reasonably engaged with the party and that Republicans have some financial vulnerabilities. If Democrats maintain their relatively strong financial position it will give them an edge in the run-up to Election Day.
Biden’s main campaign committee started 2024 with about $46 million in cash on hand, significantly more than Trump’s $33 million, according to Federal Election Commission filings. To be clear, Biden’s lead over Trump isn’t massive, and around the same point in the 2020 election cycle then-President Trump had a whopping $102.7 million in cash on hand. But there are a number of reasons that Biden’s financial advantage may be particularly durable.
Trump’s ability to capitalize on his legal woes is waning.
While Biden isn’t facing a significant challenger in the primaries, Trump will have to spend money in the GOP primaries to defeat former South Carolina Gov. Nikki Haley — who has a decent amount of cash on hand herself and could theoretically carry on for a while even if she continues to lose nominating contests.
The bigger drain on Trump’s war chest, though, is his vast array of legal entanglements. The Trump campaign and affiliated political action committees reportedly spent around $50 million on legal bills for Trump and his inner circle. These efforts will continue to be a drain on Trump’s wallet, siphoning funds that would otherwise be spent on messaging, turnout and other campaign operations.
Some — including my colleague Hayes Brown — would argue that Trump recoups some of his legal spending because his court…
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