- Democratic presidential challenger Joe Biden outpaced his Republican rival at fundraising for the second straight month, bringing in more campaign cash in total for the second quarter of the year.
- Biden and the Democratic National Committee collectively raised $141 million in June, bringing their second-quarter haul to more than $282 million.
- Trump and the GOP raised $131 million in June, along with $266 million for the quarter. The incumbent campaign still has considerably more cash on hand than the Democrats.
The good news keeps rolling in for Joe Biden, who’s campaign received more fundraising dollars than his Republican opponent for the second straight month.
With just over four months remaining before Election Day, both presidential campaigns are firing on all cylinders when it comes to raising money. This week, each announced astronomical fundraising totals for June as well as the second quarter of 2020.
Still, Biden’s numbers were slightly better, a positive sign for the Democrats whose drive to unseat President Trump continues to gain momentum.
The Democratic Party
The Biden campaign, along with the DNC, raised a total of $141 million in June, bringing the Democratic candidate’s second-quarter total to a whopping $282.1 million. 68% of the June donors were new to the campaign, and the average size of online donations was $34.
Perhaps, equally important, were the more than 2.6 million people who signed up to join the Biden campaign, according to the same press release announcing the fundraising achievements.
Biden’s coffers received significant boosts from a variety of virtual events hosted by prominent Democratic leaders like President Barack Obama, Sen. Elizabeth Warren and Sen. Kamala Harris — allowing the former Vice President to keep generating massive amounts of cash without leaving his Delaware home.
Obama’s return to the campaign trail alone raised $7.6 million in June from over 175,000 individual donors.
During the online event, Biden’s old running mate pleaded with the audience to take Trump seriously and get more engaged with Biden’s presidential campaign, saying that “whatever you’ve done so far is not enough.”
Tom Steyer, a top Democratic donor who participated in the Democratic primaries, shared a similar sentiment:
“I think Democrats have been wrong about enough elections at this point that there is nothing that’s going to alleviate the concerns,” said the billionaire co-host of a recent fundraiser for Biden. “There’s no choice but to run through the tape.”
Together, the Biden campaign and DNC also outpaced Donald Trump’s reelection effort in May, bringing in $80.8 million versus $74 million raised by the Republicans.
Fundraising totals for the last 3 months
Biden + DNC: $141 mil
Trump + RNC: $131 mil
Biden + DNC: $80.8 mil
Trump + RNC: $74 mil
Biden + DNC: $60.5 mil*
Trump + RNC: $61.7 mil
*(Biden and the DNC didn't enter a joint fundraising agreement until late April)
— Johnny Verhovek (@JTHVerhovek) July 2, 2020
The Republican Party
On Tuesday, Republicans released their fundraising totals, showing that Trump and the GOP had raised $131 million in June — $10 million shy of Biden’s June haul –and finished with $266 million for the quarter.
Last month saw Trump return to the road in hopes of reigniting his base and collecting donations. A Dallas fundraiser raised north of $10 million for the campaign, Republican Party, and Trump Victory Fund.
He’ll continue to work the campaign trail next week in Florida, where the President is hosting an in-person event with wealthy donors. Tickets for the Hillsboro Beach fundraiser are reportedly listed at $580,600 per couple. The money will go to Trump’s campaign and the Republican National Committee.
The jaw-dropping financial haul led to an embarrassing moment for Trump campaign manager, Brad Parscale.
“The Trump campaign’s monumental June fundraising haul proves that people are voting with their wallets and that enthusiasm behind President Trump’s reelection is only growing,” Parscale said in a statement released before the Democrats announced their totals.
“No one is excited about Joe Biden, which is why he has to rely so heavily on surrogates like Barack Obama and radical Hollywood elites. In stark contrast, President Trump is tapping into support from real Americans all across the country who have reaped the benefits of his America First agenda.”
When the Democratic campaign’s fundraising numbers eclipsed the President’s impressive marks, Pascale’s “no one is excited about Joe Biden,” quote blew up in his face.
By speaking too soon, the campaign manager turned what should have been a positive story about the Republican campaign enduring alarming poll numbers and generating massive amounts of cash anyway, into what will now be perceived as a loss by the public.
If you count the Tulsa rally, that’s two high-profile unforced errors made by Brad Pasquale in as many weeks. Trump might want to consider a new campaign manager if this continues.
Despite the Democrats’ impressive quarter, they’re still lagging far behind the President in terms of total cash on hand – the most crucial financial metric.
“We’ve been on this steady clip for quite some time,” explained Trump Victory Finance Chairwoman Kimberly Guilfoyle.
“Biden, they’re trying to tout that it’s some big win for him, but that’s money that’s been on the sidelines for quite some time while the Democrats waited to get their nominee. So, of course, they are going to have big numbers coming now; but we feeler really good about ours,” she added.
According to the incumbent’s reelection effort, the campaign was still sitting on over $300 million cash-on-hand to close the month of June. Despite the historic fundraising quarter, the Biden campaign is trailing Trump’s team by a large margin in the war chest department.
- Trump’s campaign has now raised nearly $1 billion in the past two years, reaching over $947 million, including this week’s second-quarter numbers.
- The Biden campaign hasn’t released how much cash it has in total, but the full numbers will be made public no later than July 20. At the end of May, Democrats had about $122 million.
Democratic aides and allies have downplayed difference in cash-on-hand totals, noting that Trump has already spent extensively on advertising and voter outreach, only to find himself trailing Biden in most national and battleground state polls regardless.
The ad-buying firm Medium Buying confirmed that the Trump campaign had reserved nearly $100 million worth of ad time in crucial swing states like Arizona, Florida, North Carolina, Ohio, Pennsylvania, Georgia, Michigan, Wisconsin, and Iowa. Trump won all of those states in 2016, but the polls suggest the results won’t be so kind this November.
Money Wins Elections vs. Earned Media
For many years, the campaign with the deepest pockets would win the election over 90% of the time. Money can buy top-tier consultants, the best digital outreach tools, and all the advertising one needs to saturate a region with the desired message – whether the residents like it or not.
However, I’m not sure the cash-on-hand totals will play as vital a role in this year’s election as it would in most contests.
Yet, when the establishment wanted to get rid of him, all the donations in the world couldn’t compete with the value of coordinated earned media. All the mainstream liberal outlets went to work for Biden before South Carolina, swinging the race’s momentum over a few short weeks.
They appear to be equally in concert when it comes to removing Donald Trump. So, even if Biden can’t spend dollar-for-dollar with the President, the Democrat will receive just as much value – if not substantially more – from his earned media as he would from a $1 billion war chest.