In an effort to narrow President Biden’s fundraising advantage, former President Donald Trump and wealthy GOP donors are planning a fundraiser in Palm Beach, Florida, with the goal of raising over $33 million for Trump’s campaign, Save America PAC, and the Republican National Committee. This surpasses the fundraising success of Biden, who recently raised $26 million at an event in New York with former Presidents Bill Clinton and Barack Obama. The Biden campaign has been building a significant financial advantage over Trump, with a war chest of $155 million when including money from the Democratic National Committee and joint fundraising committees, compared to Trump’s $71 million cash on hand.
Trump’s reelection campaign has seen a recent surge in fundraising, bringing in over $10.6 million in online, small-dollar donations last week and more than $1 million a day over the past six days. While they may not match the fundraising efforts of Biden and the Democrats, Trump’s campaign is ramping up its efforts to gather financial support. March fundraising numbers for both parties will be confirmed next month when updated federal campaign finance reports are released. Guests invited to the Florida fundraiser are being asked to donate between $250,000 and $814,000 per person, with the money being allocated to different entities including the Trump campaign, Save America PAC, and the RNC.
The fundraising committee, known as the Trump 47 Committee, diverts money to Save America PAC in an unorthodox way, potentially helping to cover some of Trump’s mounting legal bills, which have exceeded $10 million so far this year. The invitation for the fundraiser lists prominent figures like hedge fund billionaire John Paulson and over three dozen co-chairs, including individuals like Robert Bigelow, Woody Johnson, Steve Wynn, and Wilbur Ross. Trump was able to begin fundraising alongside the RNC when he became the presumptive GOP nominee, leading to changes in the committee’s leadership with figures like Michael Whatley and Lara Trump taking key roles.
As Trump and his allies work to catch up with Biden’s fundraising efforts, the political landscape is witnessing a surge in financial contributions from both sides. The Biden campaign’s ability to attract high-profile donors and fundraising success has given them a significant financial advantage, with a substantial war chest that could impact the upcoming election campaign. Trump’s recent fundraising efforts, including the upcoming fundraiser in Florida, aim to boost his campaign’s financial resources and compete with Biden in the fundraising arena as the election cycle progresses.
