Biden has huge cash advantage over Trump as Election Day nears

Democratic presidential nominee Joe Biden had $177.3 million in the bank at the end of September, per the latest Federal Election Commission filings.

Why it matters: President Trump's re-election campaign reported having $63.1 million in the bank at the end of last month, as campaigning enters the final stretch ahead of Election Day on Nov. 3.

• Trump was well ahead of Biden earlier in the year. His campaign last out-raised Biden's in July, and the former vice president has significantly out-raised Trump for two consecutive months.

Of note: The latest cash-on-hand totals do not include funds from joint fundraising committees.

By the numbers: Trump's campaign, its committees and the RNC, gave the president $251.4 million going into October. Biden's campaign and its joint committees with the DNC had $432 million.

• Biden's campaign spent almost $285 million last month, while Trump's paid out $139 million.

For the record: Biden announced last Wednesday his presidential campaign had raised a record $383 million in September, while Trump's re-election campaign and its joint fundraising committees raised $247.8 million for the month.

The bottom line: Per an emailed statement from Trump campaign spokesperson Samantha Zager, the president's 2016 Democratic rival Hillary Clinton "outspent us 2-to-1," but he still won the election.

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Editor's note: This article has been updated with new details throughout