Joe Biden raised more money than President Donald Trump last month — setting a record high one-month total, raking in $80.8 million. But the presumptive Democratic nominee still has a long way to go in catching up to Trump’s war chest.
Trump and the Republican National Committee jointly raised $74 million, they announced on Saturday, but the president likely maintains a significant cash-on-hand advantage over Biden with $265 million in the bank. Biden and the Democratic National Committee, meanwhile, did not announce a cash-on-hand total for May.
At the end of April, Democrats had approximately $100 million in cash reserves, according to filings submitted to the Federal Election Commission at the time.
Neither Trump nor Biden have yet submitted fundraising filings covering the month of May to the nation’s chief campaign finance watchdog; those are due by midnight Saturday. However, the filings will not paint a complete picture: Not every arm of the candidates’ sprawling fundraising apparatuses are required to detail their finances this month.
May was the first full month Biden, who clinched the Democratic nomination in early June, raised money in tandem with the DNC, a joint fundraising agreement that allowed individual donors to give more than $620,000. Trump has had a joint fundraising effort with the RNC for months.
“There’s a natural coalescence around the nominee,” said Taryn Rosenkranz, a Democratic digital fundraising consultant, “so this is an expected uptick for Biden.”
In April, Trump and the RNC narrowly edged out their Democratic counterparts, $61.7 million to $60.5 million, in fundraising that month. It was the first month Biden was the sole Democratic presidential candidate, as Vermont Sen. Bernie Sanders dropped out of the race April 8.
Throughout the Democratic presidential primary, Biden struggled to raise cash from small-dollar donors. But his campaign has rushed to fill that gap, dumping more than $21 million since the beginning of the year on Facebook and Instagram ads alone to build out his email list and raise dollars from small donors.
In June, Biden ramped up that spending, pouring $9 million into ads on the platforms, with nationwide protests proving to be a galvanizing moment for Democratic small-dollar donors. Next week, former President Barack Obama will appear alongside Biden in a grassroots fundraising event.
The former vice president is also doubling-down on virtual high-dollar events, often featuring his former presidential primary opponents and potential running mates.
Earlier this month, a fundraiser headlined by California Sen. Kamala Harris, considered a leading contender for vice president, netted $3.5 million. This week, Massachusetts Sen. Elizabeth Warren, another potential vice presidential selection, headlined a fundraiser that brought in $6 million for Biden’s campaign.
The Trump campaign is also touting its recent fundraising prowess, highlighting that the campaign and the RNC raised $14 million last Sunday, the president’s 74th birthday.
Read more: politico.com