According to Bloomberg News on February 29, Joe Biden faces many obstacles on his way to running for re-election, but money is unlikely to be one of them.
According to a political strategist familiar with U.S. national fundraising, groups aligned with Biden have pledged more than $700 million to help him defeat Donald Trump in 2024**, the report said. In addition, his campaign reported that in early February had gotten 1$300 million in campaign funding.
By contrast, Trump's finances are beginning to crack. In January, his campaign spent more than he fundraised, and the allied PAC is spending millions of dollars on his legal defense that would have been spent on campaigning. The Republican National Committee's fundraising efforts have also lagged behind the Democrats.
On top of that, Trump's personal finances could be strained after a court ordered him to pay a civil fraud lawsuit and a defamation case totaling $5., the report said$400 million in damages.
The report said that a direct comparison between the complex networks of entities that support Biden and Trump is difficult to calculate, because some organizations, such as the Republican-aligned National Rifle Association and the progressive group Forward, do not have to publicly report their fundraising until the election is over. But various indicators suggest that the Democrats are ahead.
Biden was able to accumulate cash, while Trump spent millions of dollars in controversial primaries. This helped Biden form a large lead over Trump in the race for money, but no one can guarantee that Republicans won't catch up once Trump is officially nominated, the report said. Because PACs rely on a small group of deep-pocketed donors, they can raise large sums of money quickly.
Editor: Sven).