Former President Donald J. Trump’s presidential campaign committee ended March with $45 million on hand as he works to close the fundraising gap with President Biden. Despite spending less in March compared to previous months, Mr. Trump’s campaign is strategically guarding resources to build a campaign war chest for the general election. On the other hand, President Biden’s campaign had $85.5 million on hand at the end of March, a significant increase from the previous month, showing a financial edge over Mr. Trump. As the rivals chase each other in fundraising, Mr. Biden has also narrowed the polling gap between himself and Mr. Trump.
Both Mr. Trump and President Biden have capitalized on fundraising events that brought in millions of dollars for their respective campaigns. Mr. Trump raised over $50.5 million from a dinner event held in Palm Beach, Florida, while Mr. Biden raised $26 million from a star-studded event in New York featuring former presidents Bill Clinton and Barack Obama. Both candidates primarily raise money through joint fundraising agreements with their respective parties, allowing them to pull in significant amounts from individual donors.
The Federal Election Commission reports filed by both candidates’ joint fundraising committees provide details of major donors and the total scale of their fundraising efforts. Mr. Biden’s campaign has spent a significant portion of its funds on media buys and production, along with expenses related to payroll and text message outreach, with spending increasing significantly in March. In contrast, Mr. Trump’s campaign spending has decreased sharply since the beginning of the year, primarily spent on fending off Republican primary challengers.
Aside from his campaign spending, Mr. Trump’s leadership PAC called Save America reported having almost $4.1 million on hand at the end of March, spending a significant amount on legal bills. Additionally, a super PAC backing Mr. Trump, MAGA Inc., raised $9.4 million in March, with substantial contributions from individuals such as former Trump cabinet official Linda McMahon and aerospace mogul Robert T. Bigelow. With national polls indicating a close race between Mr. Trump and Mr. Biden, the candidacy of independent candidate Robert F. Kennedy Jr. has gained attention, particularly in terms of funding and spending, including expenses for ballot access and security.
Mr. Kennedy’s selection of Silicon Valley lawyer and investor Nicole Shanahan as his running mate has significantly boosted his campaign fundraising efforts. Ms. Shanahan contributed $2 million of the $5.4 million raised by Mr. Kennedy in March, showcasing the financial support and investment in his candidacy. With the upcoming election likely coming down to a few states or even a single state, the focus on fundraising and spending by all candidates, including Mr. Trump, President Biden, and Mr. Kennedy, will continue to play a crucial role in shaping the outcome of the election.
