Sign up for our daily briefing
Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.
Catch up on the day's biggest business stories
Subscribe to Axios Closer for insights into the day’s business news and trends and why they matter
Stay on top of the latest market trends
Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.
Sports news worthy of your time
Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.
Tech news worthy of your time
Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.
Get the inside stories
Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Want a daily digest of the top Denver news?
Get a daily digest of the most important stories affecting your hometown with Axios Denver
Want a daily digest of the top Des Moines news?
Get a daily digest of the most important stories affecting your hometown with Axios Des Moines
Want a daily digest of the top Twin Cities news?
Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities
Want a daily digest of the top Tampa Bay news?
Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay
Want a daily digest of the top Charlotte news?
Get a daily digest of the most important stories affecting your hometown with Axios Charlotte
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).