Republican presidential nominee Donald Trump outraised the sitting president by nearly $100 million ($431.2 million-$332.4 million) in the figures reported Sunday by The Financial Times, an unusual feat as, historically, incumbents tends to reap big windfalls.
Trump has $336.2 million cash on hand compared to Biden's $281 million and the disparity might only get worse. Myriad political insiders are reporting Biden is now weighing ending his re-election because the fundraising dollars are drying up and major donors are stopping their big-ticket pledges of millions.
The second quarter closed at the end of June, just days after the now-infamous June 27 presidential debate — where media outlets and Democrats began questioning Biden's cognitive fitness for office.
Even Biden admitted to a "bad night" in the debate against Trump and to having made a "mistake," although he never made clear which mistake he was referring to that evening.
The tide was turning even sooner, too, as the Financial Times reported the windfall in Trump's favor really picked up after he was convicted in a business records trial for having called a payment to former attorney Michael Cohen a "legal expense."
The report stated that "Trump had been far behind" before the conviction.
Trump-aligned groups tripled their donations in the second quarter from the first, while Biden's pace picked up at a much lower rate (raising just $49 million in Q2 than Q1).
Compared to his Q2 incumbency campaign finance report, Trump groups doubled their past Q2 dollar figure — another rather unheard of detail, showing a challenger outperforming the incumbent.
The failed assassination attempt has reportedly also become a major catalyst for fundraising for Trump, too, he said. He cited billionaire Elon Musk reportedly pledging $45 million per month to Trump-aligned super PACs.
"Elon endorsed me recently, the other day. He's great. I love Musk. He's a brilliant guy," Trump said at his rally, which aired live on Newsmax and simulcast on the Newsmax2 online streaming platform. "I've always had a good relationship with him."
Trump referenced Elon's vow to donate $45 million a month to his campaign.
"He gives me $45 million a month — not $45 million, $45 million a month. ... He didn't even mention it to me. Other guys give you $2 and you have to take them to lunch. He's a great guy," Trump said.
Eric Mack ✉
Eric Mack has been a writer and editor at Newsmax since 2016. He is a 1998 Syracuse University journalism graduate and a New York Press Association award-winning writer.
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