Combination images of President Trump and former Vice President Joe Biden. Photo: Alex Wong/Getty Images/Mark Makela/Getty Images

President Trump's re-election campaign and the Republican National Committee announced on Wednesday they collectively raised $165 million in July.

Why it matters: With 90 days until the election, Trump and the RNC outpaced the Biden campaign, the Democratic National Committee and their joint fundraising committees, who announced earlier Wednesday that they raised $140 million last month.

The big picture: The Trump campaign said in a statement it had surpassed the billion-dollar threshold with a cycle to date haul of $1.1 billion. "The joint re-election effort continues their cash on hand advantage, with an over $300 million war chest," the campaign stated.

  • The Biden campaign and DNC now have $294 million on hand, an increase of $50 million over the past month. The figure is about equal to what the campaign brought in during June, when it out-raised the Trump campaign and Republican National Committee's joint haul of $131 million for the second straight month.

Editor's note: This article has been updated with new details throughout. The headline has also been updated to reflect that the Trump campaign outraised the Biden campaign by $25 million (not $20 million).

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