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Biden continues fundraising momentum, with a $53 million February
President Biden notched record fundraising receipts in February with donations from nearly half a million people, overcoming poor polling to end the month with $155 million in the bank.“Every single dime that we raise right now is going to talk to voters, whether that is on TV in ads, whether that is online in ads, whether that is opening offices,” said Rufus Gifford, the campaign’s finance chair. “Our opponents are spending tens of millions of dollars on legal fees. This is a huge, huge, huge advantage that we do have, and we are excited about that.”
Trump political committees spent more than $55 million last year on legal fees defending the former president as he faces multiple lawsuits and four separate criminal prosecutions, according to campaign finance disclosures.
The February total of $53 million raised between Biden’s campaign and other party accounts eclipses the amount raised by President Barack Obama during the same period in 2012, but not when inflation is taken into account.
But Biden clearly eclipsed Obama in another measure. While Obama reported nearly 350,000 donors in February of 2012, the Biden campaign claimed 469,000 unique donors at the same point in the current cycle.
Trump cutting back on rallies to save money as cash shortfall hobbles campaign: report
Faced with a massive shortfall in raising campaign cash compared to his presumptive opponent in the 2024 presidential race, Donald Trump and his advisers have decided to cut back on his high-profile campaign rallies in an effort to not drain the coffers even more.As the Times' Maggie Haberman and Shane Goldmacher wrote, Trump has been holding donor meetings at Mar-a-Lago imploring supporters to increase their contributions.
Pointing out that the former president is reportedly "concerned about the fund-raising gap" with the sitting president, the Times report adds that big money donors are "hesitant" to throw more money at him fearing they will only be paying his legal bills.
"In a sign of the Trump orbit’s urgent need for cash, at least two donors who made seven-figure pledges to support Mr. Trump this year were nudged to see if they could cut an eight-figure check — meaning $10 million or more — instead, according to a person familiar with the request."
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That's an interesting contrast. Biden is getting huge grassroots support from many donors. Trump is chasing after millionaires to dig deeper.