In the early stages of the election year, President Joe Biden holds a financial advantage over his potential 2024 rival, Donald Trump. The latest financial filings reveal that Biden boasts nearly $46 million in cash on hand, while Trump has accumulated $33 million. This financial edge for the incumbent president comes despite his low approval ratings and the anticipation of a challenging general election rematch with Trump.
The reports shed light on Biden’s challenges as he attempts to secure a substantial cash reserve that would enable him to outspend Trump’s campaign. Even though Trump faces legal troubles, his available cash is more than double that of his lone significant GOP rival, former South Carolina Governor Nikki Haley, who has $14.6 million in reserves.
Haley, while trailing behind Trump in early nominating contests, has sustained her campaign through robust fundraising. Despite calls from Trump and his allies to exit the race, Haley asserts herself as the Republican best positioned to challenge Biden in the upcoming elections. She is currently on a multi-state fundraising tour to bolster campaign funds.
Trump’s financial operation, while starting 2024 with a cash surplus, is spending heavily on legal fees. Two of his political action committees, Save America PAC and Make America Great Again PAC, collectively spent nearly $29 million on legal expenses in the last six months of 2023. This expenditure is part of Trump’s strategy to underwrite mounting legal bills arising from four criminal indictments and civil litigation.
Nikki Haley’s frugal spending is evident in the reports, with her campaign expenses in check. She spent around $14.3 million in the final quarter of 2023, while the super PAC supporting her candidacy, SFA Fund, spent more freely, leaving it with $3.5 million in cash on hand entering 2024.
These financial disclosures provide insights into the evolving landscape of the 2024 election, highlighting the financial strengths and challenges faced by key players in the political arena.
