Biden campaign outraises and outspends Trump campaign in June
By Jason Lange
July 20 (Reuters) - President Joe Biden's election campaign last month outraised and outspent his challenger Donald Trump, according to disclosures published on Saturday that showed the president's coffers initially swelling even after a disastrous debate performance.
The main campaign account for Biden, a Democrat, took in $64 million in June and spent $59 million, largely on campaign ads, ending the month with $95 million in the bank, according to a filing submitted to the Federal Election Commission.
Republican Trump's main account reported raising $21 million in June and spending about $10 million, while having $128 million in cash at the close of the month.
Biden, 81, raised more than $5 million in the three days following his June 27 debate against Trump, 78, in which the president stammered throughout and failed to energetically challenge Trump's attacks, which included numerous false claims.
But this month Biden has faced a wave of calls from Democratic lawmakers to bow out of the race, and his fundraising has reportedly sagged so far in the month.
Biden and Trump have been locked in a tight race in national polls, though Trump has led in several polls in battleground states that could determine the winner of the Nov. 5 presidential election.
Since early July, 35 congressional Democrats have publicly called on Biden to end his re-election bid, with many citing his advanced age and difficulties on the debate stage. Several Biden fundraising events are reportedly on hold as some big-money donors have urged Biden to bow out.
Should Biden exit the race, control of his campaign's funds could potentially pass to his running mate, Vice President Kamala Harris, should she become the Democratic nominee. Alternately, Biden could transfer his war chest to the Democratic Party, which is already a major fundraiser for his re-election effort and reported raising $39 million with its main fundraising group June.
The main fundraising account for Trump's Republican Party raised $67 million during the month.
Trump had outraised Biden in May, when the former president's supporters stepped up donations in the run-up to his May 30 conviction on business fraud charges, a case that Trump has decried, without evidence, as politically motivated.
The largest super PAC supporting Trump, known as MAGA Inc, reported raising over $22 million during the month, including $5 million contributions by hotelier Robert Bigelow and by Linda McMahon, a former professional wrestling entrepreneur.
On Biden's side, LinkedIn co-founder Reid Hoffman gave $3 million to FF Pac, a super PAC backing the president's re-election effort, a separate filing with the Federal Election Commission showed.
Reporting by Jason Lange in Yucaipa, California; Editing by William Mallard
Related Assets
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
