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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

Oct 28, 2020 - Podcasts

Pete Buttigieg talks Joe Biden's economic plans

Joe Biden has a very different prescription for America's economy than does President Trump. Not just in terms of how to tax and spend, but also in how to approach trading partners like China.

Axios Re:Cap digs into Biden's economic policies and philosophies with former presidential candidate and current Biden campaign surrogate Pete Buttigieg.

Kamala Harris, the new left's insider

Photo illustration: Eniola Odetunde/Axios. Photo: Joe Buglewicz/Getty Images     

Progressive leaders see Sen. Kamala Harris, if she's elected vice president, as their conduit to a post-Biden Democratic Party where the power will be in younger, more diverse and more liberal hands.

  • Why it matters: The party's rising left sees Harris as the best hope for penetrating Joe Biden's older, largely white inner circle.

If Biden wins, Harris will become the first woman, first Black American and first Indian American to serve as a U.S. vice president — and would instantly be seen as the first in line for the presidency should Biden decide against seeking a second term.

Biden pledges effort to reunite separated immigrant children with their families

In a new ad, Joe Biden pledges to sign an executive order to form a task force dedicated to finding the parents of 545 children separated from their families at the southern border.

Why it matters: The Biden campaign is focusing on Latino voters just days before the election. The campaign had previously launched an ad focused on the family separations at the border called "Números."