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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).