Photo: Kyle Mazza/Anadolu Agency via Getty Images

President Trump's 2020 re-election campaign announced Thursday that it raised $46 million in 2019's fourth quarter.

Why it matters: It's the biggest number for any candidate so far this cycle and leaves the president with a staggering $102.7 million in cash on hand heading into his re-election year.

  • That figure also doesn't represent anything taken in by the Republican National Committee this quarter — or anything raised by the campaign's authorized joint fundraising committees.
  • The president's 2020 campaign pulled $41 million in Q3 and a total of $143 million during all of 2019.

The big picture: Trump's campaign has been attempting to monetize the ongoing impeachment inquiry against him to bolster its finances.

  • Recent additions to its merchandise store include "Bull-Schiff" t-shirts demonizing House Intelligence Chairman Adam Schiff, and "Where's Hunter?" t-shirts mocking former Vice President Joe Biden's son.
  • The campaign has also been spending big on television and social media ads that put impeachment front and center.

Worth noting: While Trump is likely to outraise his individual Democratic rivals in the fourth quarter (Bernie Sanders' $34.5 million should come closest), the combined might of the field could be worrying.

  • As the Washington Post's Dave Weigel notes, all of the 2020 Democratic contenders combined will likely double Trump's fundraising this quarter. He points out that George W. Bush and Barack Obama were not outpaced in fundraising by their collective rivals during their re-election campaigns.

Go deeper: Donald Trump on the issues, in under 500 words

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