President Trump’s campaign announced Wednesday that it, along with the Republican National Committee and joint fundraising entities, raised a combined $165 million in July — a record monthly total for the 2020 cycle so far and $25 million more than Joe Biden raised last month. But the president’s lead with cash on hand is narrowing heading into the final stretch before the election.

The Trump campaign last month surpassed the billion dollar mark with $1.1 billion raised this cycle to date. The president and Republican entities now have more than $300 million cash on hand.

“The enthusiasm behind President Trump’s re-election continues to grow as July’s massive fundraising totals prove,” Trump campaign manager Bill Stepien said in a statement.

Meanwhile, former vice president Joe Biden’s campaign announced Wednesday that it, along with the Democratic National Committee and joint fundraising committees, raised $140 million in July, $1 million less than they raised in June. But the presumptive Democratic presidential nominee’s campaign war chest continues to grow heading into the final quarter before the election.

According to the Biden campaign, the combined entities now have more than $294 million cash on hand, a $50 million increase from what Biden’s campaign revealed it had in mid-July.

The campaign said 97% of last month’s cash haul came from grassroots donors, and the average donation to the campaign was $34.77.

“The Biden campaign is on the march, building off the incredible momentum from this summer with another lights-out fundraising month, banking another $50 million for the final stretch to election day,” Biden’s campaign manager Jen O’Malley Dillion said in a statement.

The Trump campaign’s July fundraising announcement comes after Biden and Democrats outraised the president and his committees the previous two months, including by about $10 million in June. Just under two months ago, the president began attending in-person fundraisers again for the first time since the coronavirus pandemic shut down much of the country in March.

Biden continues to hold his campaign fundraising events online. By CBS News’ count, the campaign has held at least 18 virtual fundraisers in July alone, including both big dollar and grassroots fundraising events.

July’s cash announcements come the same day Biden’s campaign revealed it would be investing $280 million on paid media heading into the fall in 15 states, including $220 million on television and $60 million on digital advertisements.

By comparison, the Trump campaign currently has $147.7 million in television ad reservations, according to Kantar/Campaign Media Analysis Group. Advertising has already been one of the campaign’s biggest expenditures to date.

Both the Biden and Trump campaigns, as well as political parties, are required to file July’s fundraising figures with the Federal Election Commission by August 20. Joint fundraising committees do not face an FEC filing deadline until mid-October, after the quarter ends.

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