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Combination images of President Trump and his 2020 presidential rival Joe Biden. Photo: Sarah Silbiger/Getty Images/Alex Wong/Getty Images

Joe Biden's campaign, the Democratic National Committee and joint fundraising committees had $466 million in cash on hand, the presidential candidate's team announced late Sunday.

Why it matters: President Trump's campaign had $325 million cash on hand, his campaign communications director Tim Murtaugh announced Friday.

Driving the news: Slower spring spending by Biden's campaign and heavy spending by Trump's that "erased the president’s once-formidable financial lead" contributed to the turnaround, per the New York Times, which first reported the news.

  • Another factor was the former vice president's record summer fund-raising hauls that spiked after he named Sen. Kamala Harris (D-Calif.) as his running mate.
  • "Biden also outspent Trump more than 2-to-1, $130 million to $61 million — a disparity felt most acutely on TV, when the Trump campaign went dark in several key states," Politico notes.

Yes, but: Trump campaign manager, Bill Stepien dismissed concerns last month that Republicans were facing a "cash crunch," saying they're "carefully managing the budget."

Of note: Trump filed his 2020 re-election paperwork to the Federal Election Commission on the day he was sworn into office in January 2017.

Editor's note: This article has been corrected to reflect that the Biden and Trump campaigns have these amounts of cash on hand (not that they raised them).

Go deeper

Democrats in Georgia runoff shatter quarterly Senate fundraising record

Democratic U.S. Senate candidates Jon Ossoff and Raphael Warnock. Photo: Elijah Nouvelage/Getty Images

Georgia's U.S. Senate Democratic candidates Raphael Warnock and Jon Ossoff each raised more than $100 million in the last quarter of 2020, shattering fundraising records and eclipsing their Republican rivals in the race, new filings show, per the Federal Elections Commission and CNN.

Why it matters: The figures reflect the largest single-quarter totals by any candidate in U.S. Senate history, beating the $57 million South Carolina Democrat Jaime Harrison raised earlier this year during his failed bid for the Senate.

Dec 17, 2018 - World

Russia is winning its war of disinformation

Illustration: Lazaro Gamio/Axios

U.S. intelligence says Russia sought to disrupt the 2016 and 2018 elections and sow discord. Regardless of what Robert Mueller does, Russia did it — and is still at it.

The big picture: Multiple high-stakes, aggressive federal investigations were spawned by an initial FBI probe of Russian government efforts to influence the 2016 presidential election. And fallout from Russian meddling, including Democratic talk of impeaching President Trump, is likely to remain a dominant political issue as Democrats take over the House 17 days from now.

Pentagon approves request for 100 National Guard troops for "Justice for J6" rally

Security fencing has been reinstalled around the Capitol. Photo: Drew Angerer/Getty Images

Defense Secretary Lloyd Austin has approved a request from Capitol Police to provide 100 D.C. National Guard troops in case law enforcement requires additional support at Saturday's "Justice for J6" rally at the Capitol.

Why it matters: Security preparations have ramped up ahead of the pro-Trump demonstration, where hundreds of protesters sympathetic to the Jan. 6 Capitol attack are expected to gather.