Former President Donald J. Trump’s presidential campaign committee ended March with $45 million on hand, marking an increase as he attempts to close the fund-raising gap with President Biden. Mr. Trump’s campaign spent significantly less in March compared to previous months, focusing on building a campaign war chest for the general election. In contrast, Mr. Biden’s campaign had $85.5 million on hand at the end of March, reflecting a significant increase from the previous month. As both candidates work to close the financial gap, Mr. Biden has started to narrow the polling gap between himself and Mr. Trump.
Both candidates recently held splashy fund-raisers that brought in millions for their campaigns. Mr. Trump’s campaign reported a haul of more than $50.5 million from an event in Palm Beach, Florida, while Mr. Biden raised $26 million at an event in New York featuring prominent figures like former Presidents Bill Clinton and Barack Obama. Both candidates are also raising money through joint fund-raising agreements with their parties, allowing them to pull in significant donations from individual donors.
Federal Election Commission reports filed by joint fund-raising committees for both candidates provided details on major donors and the total scale of their fund-raising haul. Mr. Biden’s campaign spending has primarily focused on media buys and production expenses, accounting for more than half of its total spending. Meanwhile, Mr. Trump’s campaign spending has slowed significantly, with only $3.7 million spent in March out of a total of $23 million spent since January 1st.
In addition to his campaign committee, Mr. Trump’s leadership PAC Save America reported having almost $4.1 million on hand at the end of March. The PAC also spent $5 million in March, including bills from legal teams defending him. A super PAC supporting Mr. Trump, MAGA Inc., raised $9.4 million in March, with significant contributions from former Trump cabinet official Linda McMahon. With national polls indicating a close race between Mr. Trump and Mr. Biden, the candidacy of independent candidate Robert F. Kennedy Jr. has gained attention, particularly in terms of how he is financing his campaign.
Robert F. Kennedy Jr.’s campaign has raised $5.4 million in March, with a significant contribution of $2 million from his running mate, Nicole Shanahan, a wealthy Silicon Valley lawyer and investor. Mr. Kennedy’s spending includes expenses for ballot access and security. The competitive nature of the upcoming election has highlighted the financial strategies and spending priorities of the various campaigns. Both candidates are focusing on building their campaign war chests, utilizing joint fund-raising agreements, and attracting major donors to finance their election efforts.
