Washington DC: Donald Trump's campaign fell further behind President Joe Biden in fundraising last month for the upcoming November presidential election. This was revealed in financial disclosures filed on Tuesday, showing that Trump spent more money on advertisements and expenses than he received from donors.
According to a report submitted to the Federal Election Commission (FEC), Trump's cash reserves dwindled to just over $30 million by the end of January. This marked a decline from around $33 million the previous month, as Trump invested in successful campaigns for Republican primary contests in Iowa and New Hampshire.
In contrast, Biden, facing a less competitive primary process within the Democratic Party, reported an increase in his campaign's cash reserves. Biden's disclosure to the FEC showed that his campaign ended January with about $56 million in cash, up from $46 million in December.
While Trump is nearing the Republican nomination to challenge Biden, he has consistently trailed in fundraising compared to the incumbent president. Despite spending aggressively on primary contests, Trump's campaign reported raising $8.8 million in January but spending more than $11 million. This included significant expenditures on advertisements and mailings as he secured victories in his party's initial presidential nomination contests.
Biden's campaign, on the other hand, reported raising over $15 million last month while keeping expenditures under $6 million. When combining his campaign accounts with those of Democratic Party allies, Biden's reelection effort boasted $130 million in cash reserves.
Although Trump has previously won elections despite being outspent by rivals, his fundraising deficit remains a concern. National public opinion polls indicate a close race between Trump and Biden, with the November election expected to be tightly contested.
In another development, Trump's remaining rival for the Republican nomination, former South Carolina Governor Nikki Haley, outpaced him in fundraising last month by raising over $11 million, according to disclosures from her campaign. However, Trump is anticipated to outperform her in South Carolina's Republican primary on Saturday.
Additionally, the main super PAC supporting Trump, known as MAGA Inc, reported raising $7 million last month. This sum was sufficient to offset the $5 million refund issued to a separate Trump political action committee (PAC) responsible for covering the candidate's legal expenses amid numerous legal challenges.
Most of MAGA Inc's fundraising in January stemmed from a $5 million contribution from Timothy Mellon, heir to the Mellon banking fortune. In comparison, the SFA Fund, a super PAC backing Haley's campaign, reported receiving $12 million in contributions, including over $2 million following her defeat to Trump in the January 24 New Hampshire primary.
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