President Joe Biden’s re-election campaign concluded with approximately $20 million in its coffers, slightly behind the reported $22 million-plus of leading Republican candidate Donald Trump, as revealed in financial disclosures released on Saturday.
The disclosed figures, submitted to the Federal Election Commission, indicate a competitive fundraising race leading up to the November 2024 presidential election. However, Biden’s campaign has accumulated a smaller war chest compared to previous presidents at this stage of their re-election campaigns. For instance, Democrat Barack Obama had $37 million at this point in 2011, while Trump had over $56 million in June 2019.
While the disclosed funds represent a significant portion of the campaign funding, they do not include the money raised by allied super PACs, which typically gather substantial sums from wealthy donors. These super PACs are expected to disclose their financial details later in July.
Biden’s campaign, in conjunction with the Democratic Party’s accounts, announced on Friday that they collectively had $77 million in their bank accounts.
The president is not anticipated to face a significant challenge in the Democratic nomination contest. One challenger, anti-vaccine activist Robert F. Kennedy Jr., reported raising a mere $6 million through June, while self-help guru Marianne Williamson received less than $1 million.
Trump’s campaign, launched in November, reported spending approximately $9 million in the three months through June, surpassing all other campaigns in expenditure, as indicated by the disclosures filed with election regulators. Notably, over $2 million was paid to Campaign Inbox LLC, a digital fundraising firm.
Florida Governor Ron DeSantis, who ranks second to Trump in most opinion polls for the Republican nomination contest, had around $12 million in his campaign account, significantly less than the $21 million held by fellow Republican Tim Scott, a US senator from South Carolina. DeSantis and Scott launched their campaigns in May.
Long-shot Republican candidates Doug Burgum and Vivek Ramaswamy revealed injecting millions of dollars from their personal funds into their campaigns. Burgum, the governor of North Dakota, lent approximately $10 million to his campaign, while Ramaswamy, a former biotechnology executive, lent around $15 million.