Biden Maintains Strong Lead in Cash Race

President Joe Biden speaks during an event at the United Steelworkers Headquarters in Pittsburgh, Penn., on April 17, 2024. President Biden is urging a tripling of tariffs on Chinese steel and aluminum, citing "unfair competition" while seeking to win blue-collar votes in November's election. (ANDREW CABALLERO-REYNOLDS/AFP)

The most complete financial picture presented thus far in the 2024 presidential race shows that President Joe Biden is the man to beat when it comes to cash.

Between April 15 and April 20, political action committees registered with the Federal Election Commission filed their quarterly and monthly public disclosure statements. This slew of documents showed that the collection of committees backing President Biden held at least $77.3 million more than those supporting former President Donald Trump.

President Biden

The Biden campaign continues to enjoy a significant cash advantage in the race for the White House. Combined, four committees supporting the president held about $187.6 million in cash at the end of March.

President Biden’s principal campaign committee, Biden For President, leads the charge for his camp. On April 15, the committee told the FEC it had about $85.5 million in cash on hand.

In March, Biden For President took in about $43.8 million in donations while spending about $29.2 million. It had about $85.5 million in cash on hand at the end of the month.

The campaign is also boosted by two joint fundraising committees: Biden Victory Fund and Biden Action Fund. The pair held about $60.5 million at the end of March.

In the first three months of 2024, the Biden joint fundraising committees raised about $130.7 million and sent out about $118.6 million, according to their April 15 FEC filings.

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Along with these three funds, the Biden campaign is backed by FF PAC, also known as Future Forward. The hybrid PAC held about $41.5 million at the end of March, according to a April 15 FEC filing.

Future Forward brought in about $20.4 million in the first three months of 2024 while sending out about $2.8 million. The hybrid PAC received significant support from Democratic Party megadonors Reid Hoffman and Fred Eychaner.

President Biden, along with his Democratic Party predecessors President Barack Obama and President Bill Clinton, hosted a $25 million fundraising event in New York on March 28.

Republican presidential candidate former President Donald Trump and Speaker of the House Mike Johnson (R-La.) hold a press conference at President Trump's Mar-a-Lago estate in Palm Beach, Fla., on April 12, 2024. (Joe Raedle/Getty Images)

Donald Trump

With a brief Republican Party primary now behind him, the Trump campaign is shrinking President Biden’s money advantage. President Trump’s official campaign PACs and allied groups held about $110.3 million at the end of March.

Like President Biden, President Trump’s principal campaign committee Donald J. Trump For President 2024 Inc. held most of the candidate’s cash. At the end of March, according to its April 20 FEC filing, the committee retained about $45.1 million.

The same committee raised about $15.3 million in March and spent about $3.7 million.

Three PACs—Save America, Make America Great Again Inc., and Make America Great Again PAC—collectively banked about $37.4 million in cash on hand at the end of March.

According to their FEC filings, filed between April 15 and April 20, MAGA Inc. and Save America together took in about $19.4 million. However, most of Save America’s haul came directly from MAGA Inc. The pair expended about $10.7 million during the month.

MAGA PAC, over the first three months of 2024, brought in about $1.7 million and sent out about $2.3 million. Like Save America, it was principally financed by MAGA Inc.

Three joint fundraising committees —Trump Save America Joint Fundraising Committee, Trump 47 Committee Inc., and Trump Victory— had about $27.7 million in cash in the bank.

In the first quarter of 2024, the fundraising committees received $89.3 million and used about $66.4 million.

The Trump campaign got a gigantic cash boost in April when Trump 47 hosted a fundraiser that brought in more than $50 million. A new fundraising committee, Trump National Committee JFC Inc., will also be seeking a portion of the funds raised by fellow Republicans that use President Trump’s name or likeness to raise money.

2024 presidential contender Robert F. Kennedy Jr. speaks with his vice presidential pick Nicole Shanahan in Oakland, Calif., on March 26, 2024. (John Fredricks/The Epoch Times)

Robert F. Kennedy Jr.

Independent candidate Robert F. Kennedy Jr. selected his running mate in April and continues to get his name on more ballots around the country. The Kennedy campaign had about $23.6 million in cash on hand at the end of March.

Mr. Kennedy’s principal campaign committee Team Kennedy and an allied hybrid PAC American Values 2024 collectively raised about $6.6 million in March. They spent about $6.7 million.

The Kennedy campaign’s biggest financial supporter in March was Mr. Kennedy’s running mate: Nicole Shanahan. Ms. Shanahan, according to an April 20 FEC filing, sent $2 million to Team Kennedy the day after her candidacy was announced.