President Trump’s campaign received a much-needed bump in donations in the first two weeks of October, raking in millions of dollars as he worked to assure the country that he had recovered from the coronavirus, new filings show.
But Trump burned through all of the cash he raised during that time, pouring money into campaign advertisements. By Oct. 15, Trump had approximately one-quarter of the amount his rival, Democratic nominee Joe Biden, had in his campaign account, according to the latest records.
The snapshot of the two candidates’ financial fortunes in the final weeks of the campaign underscores the breadth of Biden’s cash advantage, which had grown insurmountable for Trump despite the financial gains he made earlier this month.
Trump had $43.6 million and Biden had $162 million by Oct. 15 — the biggest cash lead Biden had gained so far in the campaign, according to the filings. The Trump campaign has brushed off comparisons of the two candidates’ cash on hand, saying it has all the money it needs to win and noting that Trump was vastly outspent by Hillary Clinton in the 2016 campaign.
All told, Biden held $331.2 million along with the Democratic National Committee and the two affiliated fundraising committees that raise money for the campaign and the national party. Trump held $223.6 million, combined between all of the accounts — about two-thirds of the cash on the Democratic side.
The cash held in their campaign accounts is crucial during this time, because it is what the campaign has at its disposal, compared with the money held in the other accounts, which must be shared with the national and state parties.
Trump raised $43.6 million from Oct. 1 through Oct. 14, at a rate that would exceed his recent monthly hauls. Biden raised $70 million during the period, a rate that would fall short of his record-breaking September haul, but still far exceed the months before his blowout fundraising last month.
Trump and Biden spent money at a rapid clip during the first two weeks of October, with both candidates focusing heavily on ad spending. Biden’s campaign alone spent $143 million in the first two weeks of October, with $127 million of it going toward media buys and digital advertising. Trump spent $63 million, with $45 million of it going toward media buys and online advertising.
The records released Thursday will be the most up-to-date information on the financial health of their respective political operations for the remainder of the campaign season.
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In the latest Washington Post-ABC News poll, Democratic nominee Joe Biden leads President Trump, with 54 percent of likely voters favoring him vs. 42 percent for Trump.
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