Presidential Campaign Money Race: Biden’s $20M vs. Trump’s $22M Campaigns

US President Joe Biden’s re-election campaign concluded in June with around $20 million in funds, slightly behind Republican front-runner Donald Trump’s reported sum of over $22 million. This sets the stage for a competitive financial contest leading up to the November 2024 presidential election.

Compared to previous re-election campaigns, President Biden has amassed a smaller war chest at this stage. For example, in 2011, Democrat Barack Obama had $37 million, while Trump had over $56 million in June 2019.

It’s important to note that the disclosed funds represent a significant portion of the campaign’s financial resources. However, they do not include the funds raised by allied super PACs, which typically gather substantial amounts from wealthy donors. Detailed financial information from these entities is expected to be disclosed later in July.

In a recent announcement, Biden’s campaign revealed that when combined with the Democratic Party’s accounts, their total funds amounted to $77 million in reserve. These funds will play a crucial role in supporting the President’s re-election efforts.

While Biden is seen as the frontrunner in the Democratic nomination race, with no serious challenges expected, two challengers, Robert F. Kennedy Jr. and Marianne Williamson, have reported their fundraising figures. Kennedy Jr. raised an impressive $6 million, while Williamson received less than $1 million in donations.

On the Republican side, Trump’s campaign, which started in November, has outspent all other campaigns in the three months leading up to June. His campaign expenditure totaled around $9 million, with a notable portion paid to Campaign Inbox LLC, a digital fundraising firm.

Governor Ron DeSantis of Florida, considered the second leading contender for the Republican nomination, has approximately $12 million in his campaign account, while Tim Scott, a U.S. senator from South Carolina, accumulated $21 million. Both DeSantis and Scott launched their campaigns in May, making their financial positions of interest to political observers.

Long-shot Republican candidates Doug Burgum and Vivek Ramaswamy have disclosed injecting millions of dollars of their own money into their campaigns. Burgum lent about $10 million to his campaign, while Ramaswamy, a former biotechnology executive, lent approximately $15 million.