President Joe Biden is out fundraising former President Donald Trump this election season. Biden has about three times as much money on hand compared to Trump, but among small donors, Trump has more support.
Biden has raised $248 million compared to Trump’s $168 million. Not only is he raising more, Biden is also spending less than Trump on his campaign. Biden has spent $92 million, whereas Trump’s campaign spent $125 million.
Last month, Biden and the Democratic Party raised a combined $53 million. On Thursday, March 28, a major fundraising event for Biden featuring former Presidents Obama and Clinton at Radio City Music Hall is predicted to raise more than $25 million.
Comparatively, Trump and the Republican National Committee only raised $31 million in February.
While Trump’s campaign has less money overall, it has raised more money than Biden among small donors — people who donate any amount under $200.
Among this group, Trump out raised Biden by about $10 million in January and February. That pace looks different from what happened in 2020, where Biden raised more in small donations.
Trump is also pulling money from fundraising for expenses unrelated to his campaign, using some to cover legal fees.
According to a donor form reviewed by The Washington Post, of the money in Trump’s joint fundraising with the Republican Party, the first $3,300 someone donates goes towards the primary campaign. If the donation surpasses that amount, the next $3,300 goes to the general campaign.
The next $5,000 someone gives goes towards the “Save America” PAC, which pays for a portion of Trump’s legal fees. According to a Forbes review of filings from Save America, the PAC has spent nearly $50 million since Trump’s first indictment was announced.
So how much does money matter in the 2024 election?
In 2020, Biden’s campaign was the first ever to raise over $1 billion. That year, Trump raised $774 million and Biden won the election. However, in 2016, Hillary Clinton raised twice as much money as Trump and lost.
