Race to raise finance for US presidential election

Successful fundraising is always considered one of the important metrics ahead of every US election. This year's election is no exception as US President Joe Biden and his predecessor Donald Trump have both aggressively campaigned for the White House race.

US President Joe Biden and his predecessor Donald Trump. Photo: CNN

The advantage of the incumbent President

Federal Election Commission records show that US President Joe Biden's campaign has a budget three times larger than that of former President Donald Trump. That financial advantage allows Mr. Biden to travel across the country to campaign and raise more money. According to Federal Election Commission data, in February 2024, Mr. Biden's campaign raised $53 million, nearly three times the $20 million of Mr. Trump. The amount of money the two sides have for the election in March is also large, with Mr. Biden having up to $155 million in his account, while Mr. Trump has only about $42 million.

Notably, last week, the appearance of two former Presidents Barack Obama and Bill Clinton, along with a series of stars, helped Mr. Biden's campaign earn more than 25 million USD during a campaign in New York City.

As for Donald Trump, the former US President has spent most of his time in court in New York, with his legal advisers trying to find a way to turn around the fines. Since winning the Republican presidential nomination on March 12, Trump's campaign has held only one campaign event. Trump's campaign team has hinted at plans to hold a campaign rally with an estimated fundraising of $33 million so far. On April 6, Trump will meet with potential donors at the Mar-a-Lago club in Florida.

Overwhelming opportunity

According to observers, the legal troubles that Mr. Trump is facing have left him with less time to run for office, and are also a concern for both supporters and investors. Many people are concerned that Mr. Trump may use the funds raised to pay his legal bills. US media commented that if the event is successfully organized, former President Donald Trump will score an “honorable goal against” President Joe Biden. In addition, the $33 million sponsorship will help ease some of Mr. Trump’s financial burden in the context that the former President is facing fines totaling more than $460 million.

Meanwhile, the Republican National Committee's budget is currently less than that of the Democratic National Committee. According to Professor Paul Whiteley at the University of Essex (UK), the Republican Party is spending more than the Democratic Party in the 2024 election. Just counting the money spent on the 2024 US presidential campaign, not counting the money spent on legislative and local elections at the state level, the Republican Party has spent $191 million by early March 2024.

The Democratic Party's figure is only $48 million. This difference is mainly due to the fact that Joe Biden has almost no significant opponents in the Democratic primary, while the Republican Party has up to nine candidates and the Republican National Committee has to spend on the campaigns of these candidates.

THANH HANG synthesis

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