Feb 21, 2024 - Politics & Policy

Biden holds cash edge as Trump, Haley burn through funds

Republican presidential candidate, former U.S. President Donald Trump speaks during a Fox News town hall at the Greenville Convention Center on February 20, 2024 in Greenville, South Carolina.

Former President Trump speaks during a Fox News town hall on Feb. 20 in Greenville, South Carolina. Photo: Justin Sullivan/Getty Images

Former President Trump's campaign spent more than it raised in January as his legal battles continue to drain his coffers, according to his FEC filing.

Why it matters: Trump ended the month with about $30 million in cash on hand, while President Biden's campaign closed January with almost $56 million in cash on hand, adding to the president's financial edge as he appears headed for a rematch with Trump.

Details: Trump's Save America leadership PAC ended January with $6 million and reported spending $2.9 million on legal expenses, per Politico.

  • The main super PAC behind his bid, MAGA Inc., had $19.7 million.
  • Biden's re-election campaign said it had $130 million in the bank at the end of January across its committees.

The Democratic National Committee also maintained its cash advantage over its Republican counterpart.

  • The DNC raised $17.4 million in January and ended the month with $24 million in cash on hand.
  • The Republican National Committee raised $11.6 million and closed the month with $8.7 million in cash on hand.

Former UN Ambassador Nikki Haley's campaign reported a strong fundraising month in January, but she also burned through cash.

  • Haley raised more than $11.5 million and ended the month with $13 million on hand. She reported spending $13 million last month.
  • The super PAC supporting her underdog bid also spent aggressively last month. It ended January with $2 million in cash on hand.

What to watch: Both Trump and Biden's financial outlooks will become clearer when they file their respective joint fundraising FEC reports in April.

Go deeper: Defiant Haley won't quit GOP primary after South Carolina

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