The Biden campaign disclosed on Tuesday that it had raised $42 million in January and commenced February with $130 million in cash reserves, marking a “record-setting total” for a Democratic presidential candidate at this stage in the election cycle.
According to the campaign, January witnessed the most successful grassroots fundraising since April, with 97 percent of donations totaling under $200. Overall, the campaign received contributions from 1.1 million donors.
In contrast, the Trump campaign has not yet unveiled its January fundraising figures, but it had $33 million in cash reserves at the beginning of the month.
Julie Chavez Rodriguez, Biden’s campaign manager, remarked, “While Team Biden-Harris continues to bolster its fundraising efforts, Republicans are divided—either allocating funds to challenge Donald Trump or supporting his extreme and unsuccessful agenda.”
Despite a sluggish start, it seems the Biden campaign possesses significantly more resources than the Trump campaign, which faces considerable financial strain due to legal challenges against the former president. Last Friday, New York Judge Arthur Engoron ruled that Trump must post nearly half a billion dollars as a bond in a civil case before he can appeal the ruling.
Insane! https://t.co/Jpvc4eUI2I
— Breitbart News (@BreitbartNews) February 20, 2024
Democrats aim to financially cripple Trump as he vies to unseat President Joe Biden. Biden maintains that he is not directly involved in the lawsuits or indictments against Trump, although there are reports of several prosecutors meeting with Biden administration officials before three of the indictments were issued. ABC News has reported that even if the cases are overturned on appeal, the legal proceedings will still affect Trump’s candidacy for the 2024 election:
While Trump’s donors have largely footed the bill for his campaign expenses — with Trump’s political committee spending more than $50 million on his campaign in 2023 — the legal cases present a stickier challenge for Trump, who has built a reputation around his wealth. Courts allow defendants multiple mechanisms to collect damages, including liens and wage garnishments, and the fines are not dischargeable through traditional protections like bankruptcy.
Multiple legal experts who ABC News spoke with suggested that Trump is unlikely to front the fines immediately, and will instead opt to delay any payment using a bond secured by his assets until after he exhausts his appeal options.
During Trump’s deposition in the New York civil fraud case last year, he stated that his company possessed over $400 million in cash.
Trump’s real estate company is a highly successful entity with numerous substantial assets.
