Trump is making a concerted effort to narrow the financial gap with Biden as his legal expenses increase.
Donald Trump is actively working to boost his fundraising efforts, aiming to narrow the significant gap between his campaign finances and those of President Biden. According to sources familiar with the matter, Trump has been engaging with major donors on a regular basis, culminating in a planned gala event in Palm Beach. It’s evident that Trump’s team is aware of their fundraising deficit and is determined to bridge it swiftly, demonstrating a sense of urgency in their efforts to catch up.
Trump’s fundraising team is hustling to secure donations rapidly to close the gap with Biden’s fundraising efforts. Republicans aim to compete effectively with Biden’s campaign and boost GOP candidates’ chances in elections. However, Trump’s legal issues are straining some of his political committees.
An upcoming dinner in Palm Beach is projected to raise approximately $50 million, sources close to Trump revealed. During a call with donors, Trump expressed optimism that the event would double the amount raised by Democrats at a recent New York fundraiser attended by Biden, Bill Clinton, and Barack Obama.
The Trump campaign and the Republican National Committee announced this week that they raised more than $65.6 million in March and finished the month with approximately $93 million in funds. This marks a significant improvement from their February results.
However, despite this progress, Trump’s fundraising efforts still fall far behind Biden’s. Biden’s campaign had an early start in fundraising from wealthy donors through joint accounts with national and state parties. In March, Biden’s team amassed over $90 million, and the broader Biden campaign ended the month with $192 million in cash, more than double what Trump’s campaign controlled.
The Biden team’s significant cash lead and the attention garnered by the Democrats’ $25 million fundraiser in New York are pressuring Republican donors to match up quickly, according to sources familiar with the GOP’s fundraising efforts.
Trump is closely monitoring the attendees of the upcoming fundraiser in Palm Beach, as well as the donation amounts and who’s giving the maximum, as per recent conversations. His advisors regularly brief him on the guest list. “He is focused on this fundraiser,” one insider said. “With many friends in Palm Beach, he’s wondering if they’re contributing.”
Recently, Trump has been meeting donors almost daily, according to sources close to him.
The Trump campaign’s digital fundraising is thriving, and major donors are stepping up. They believe they’re rattling Democrats with their fundraising strength. Trump’s allies are confident that the upcoming fundraiser on Saturday will set records.
Under a joint fundraising agreement with the Republican National Committee (RNC), the Trump 47 Victory Committee can raise significant funds. These funds are divided among various purposes, including supporting Trump’s campaign, covering legal expenses, and aiding the RNC and local Republican parties nationwide.
A source familiar with GOP fundraising emphasized that successful events like Saturday’s fundraiser send a clear message to Republican donors to increase their contributions this year.
Biden’s team isn’t fazed by Trump’s big fundraiser in Palm Beach. They see it as mainly for wealthy donors covering Trump’s legal bills, contrasting it with Biden’s campaign powered by millions of small donations from regular folks.
Unlike Trump’s event, Biden’s New York fundraiser had cheaper tickets, and about 165,000 small donors chipped in.
Biden’s campaign is outperforming Obama’s at this stage in 2012, with 704,000 donors in March and 1.6 million overall, many of them new.
Trump’s supporters are hustling to raise money fast, capitalizing on perceived weaknesses in Biden’s candidacy and Trump’s recent popularity in swing state polls.
During the Republican primary, Democrats were receiving big checks from various groups, while Republicans faced challenges.
Billionaire hedge fund manager John Paulson is hosting a fundraiser for Trump at his home this Saturday. Some notable political donors like Linda McMahon, Steve Wynn, and Robert Bigelow are also involved as co-chairs. Other key figures include former Georgia Senate candidate Kelly Loeffler and businessman Jose “Pepe” Fanjul.
The event will feature some of Trump’s former rivals like Sen. Tim Scott and North Dakota Gov. Doug Burgum as special guests. Some attendees have already contributed the maximum donation allowed.
Brian Ballard, a prominent Florida lobbyist assisting Trump’s fundraising efforts, stated that the collaboration between the RNC and Trump campaign has unified the finance side significantly.
However, Trump’s legal challenges have had a significant impact on fundraising. In 2023, his committees spent a substantial amount on legal bills. In February, Trump’s campaign raised less money than Biden’s, and the RNC lags behind the DNC in fundraising.
In February, the Save America PAC spent more than it raised, with a significant portion going towards legal costs. Prior to partnering with the RNC for fundraising, Trump heavily relied on his own small-dollar donors to cover his legal expenses through his personal committees. For every dollar raised in his joint fundraising account, 90 cents would be directed to his campaign committee and 10 cents to the Save America leadership PAC.
Recently, Trump has managed to regain the support of some billionaires who had distanced themselves due to his legal troubles and his involvement in the events of January 6th. Trump campaign aides have assured that the RNC will not be responsible for Trump’s legal fees. This assurance is aimed at comforting high-dollar donors who want their contributions primarily focused on defeating Biden.
News Source:The Washington Post