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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).

Go deeper

Dan Primack, author of Pro Rata
Nov 13, 2020 - Economy & Business

DoorDash files for IPO

Illustration: Aïda Amer/Axios

DoorDash filed Friday for its IPO, which is expected to price in the window between Thanksgiving and Christmas.

The state of play: There's a lot more noise than signal because of the pandemic.

Nov 13, 2020 - Politics & Policy

Trump: "Time will tell" who won the 2020 election

President Trump. Photo: Mandel Ngan/AFP via Getty Images

President Trump said Friday that “time will tell” who won the 2020 election, declining to concede the race in his first public remarks since it became clear he’d lost the election to Joe Biden.

What he's saying: "This administration will not be going into a lockdown," Trump said, insisting that so long as he is president there will not be a nationwide coronavirus lockdown. "Hopefully, whatever happens in the future — who knows which administration it will be. I guess time will tell," he added.

Updated Nov 7, 2020 - Politics & Policy

Joe Biden elected president, AP projects

Biden in Los Angeles in March. Photo: Mario Tama/Getty Images

The Associated Press projects Joe Biden has been elected the 46th president of the United States, ousting President Trump after a single term marked by impeachment, constant battles, a disastrous response to the deadly coronavirus pandemic and an unexpectedly close election.

Kamala Harris will join him as the first woman and first female person of color to be elected vice president — a historic breakthrough largely overshadowed by the turmoil surrounding the election. The news drew cheering crowds to the White House, while Biden made plans to address the nation at 8 pm Eastern.