In the US presidential race, President Joe Biden has consistently outpaced his challenger Donald Trump in campaign fundraising, but that has changed recently with the Trump campaign’s record.
In April, Trump raised more money than Biden for the first time. Trump raised more than $50 million at a donor event in Palm Beach, Florida, earlier this month, Reuters reported.
Typically, campaigns raise money from committees directly affiliated with a political party and individuals. The Federal Election Campaigns Act limits the amount that political organizations and individuals can contribute to each election.
Applicants must indicate who donated, how much money each entity contributed and where the funds are being spent. The Federal Election Commission (FEC) regulates financing by maintaining a campaign finance database.
On the other hand, campaign expenses are unlimited.
“There are no limits on political spending in the United States. So, under the First Amendment to the U.S. Constitution, as interpreted by the Supreme Court, you cannot tell any group, or any individual, how much he could spend on politics “That means there are no laws that limit political spending,” Ray La Raja, a political science professor at the University of Massachusetts, said during a briefing. press with the State Department.
The following breakdown examines Biden and Trump’s campaign finances during the 2024 election season.
Financial Fundraising Summaries
Biden’s FEC financial summary for the 2024 election, with data covering the period from January 1, 2021 to April 30, 2024, includes nearly $195 million in receipts. Donald Trump’s financial summary, which includes data from November 15, 2022 to April 30, 2024, counts just over $124 million in revenue.
Biden notably outperformed Trump in terms of individual contributions in financial summaries. Biden received $71 million from individuals, while Trump collected $1 million in individual contributions.
However, Trump saw greater support in contributions from committees other than the party committee directly affiliated with the political party. While Biden received just over $60,000 in contributions from other committees, Trump received over $200,000 from other committees, more than triple what Biden received.
A deeper breakdown of the data shows differences between the two candidates’ authorized committees, where each presidential candidate must authorize a specific campaign committee to collect contributions and make expenditures for the candidate. Biden authorized the Biden committee for the presidency; Trump has nominated Donald J. Trump as President 2024, Inc. The authorized committee’s fundraising efforts make up most of the financial summaries.
The Biden for President committee, which raised funds from January 1, 2023 to April 30, 2024, has raised a total of more than $180 million. Donald J. Trump for President 2024, Inc. raised a total of approximately $120 million between January 1, 2023 and April 30, 2024.
Campaign expenses
Campaign fundraising comes with campaign expenses. Since January 1, 2023, Biden has surpassed Trump. Biden has racked up nearly $100 million in disbursements, while Trump has spent nearly $75 million.
The money goes to various causes. The Trump committee’s biggest expenses include media creation, legal consulting and postage. Some of the recent expenses include ground transportation, like Uber rides.
The costliest parts of the Biden committee’s financial footprint look similar. The committee’s top 10 expenses go to media production and digital consulting. More recently, the committee has allocated dues refunds.
With the balance from fundraising and expenses, each candidate has some money in the bank for future projects. Biden, with $84 million in cash, is ahead of Trump, who has $49 million.
Although Biden has generally outperformed Trump in fundraising so far, both candidates are hitting the campaign trail this summer, hoping to raise more money before the fall election.