The 2024 US presidential election is taking place with fierce competition between the two main candidates, former President Donald Trump and current President Joe Biden. One of the important factors to assess the strength of election campaigns is the ability to raise funds, and currently, Trump's campaign has a clear financial advantage.
Donald Trump's comeback
For the first time in history, Donald Trump's presidential campaign has reported more cash in its main account than it is funding President Joe Biden's re-election campaign.
Donald Trump's campaign is now sitting on a large cash pile, far outpacing his opponent, according to financial disclosures released on June 20.
The latest report shows that Donald Trump's campaign had about $116 million in the bank at the end of May. This figure is more than double the number from a month earlier, showing an impressive growth in his fundraising ability.
Meanwhile, President Joe Biden's campaign reported having about $91 million in its account, also an increase from the end of April but still lower than the amount that Donald Trump's campaign is holding.
 |
| Former US President and Republican presidential candidate Donald Trump speaks at his campaign event, in Racine, Wisconsin, US (Photo: Reuters) |
The financial shift is particularly notable because Donald Trump’s campaign was lagging Joe Biden at the start of the year, but has since surged ahead thanks to effective fundraising strategies and strong Republican support.
Republicans also reported their cash holdings increased to $54 million from $38 million, while Democrats had about $65 million in the bank, up from $62 million in April.
The Role of Billionaires and Super PACs in the Fundraising Race
Another important factor in the fundraising race is contributions from billionaires and independent political action committees (super PACs). Super PACs can accept unlimited donations from individuals and organizations, giving them a powerful resource to support campaigns.
On Donald Trump’s side, billionaire Timothy Mellon donated $50 million last month to a pro-Trump super PAC called MAGA Inc. MAGA Inc. received a total of more than $68 million from donors last month, with the bulk of the money coming from Mellon and another $10 million from billionaires Liz and Dick Uihlein. The money has helped MAGA Inc. ramp up spending on television ads, creating a strong media presence for Donald Trump’s campaign.
In contrast, President Joe Biden’s campaign has also received support from billionaires. Mike Bloomberg, billionaire and former mayor of New York City, has given $19 million to FF Pac, a super PAC supporting President Joe Biden’s re-election effort. However, that figure is still lower than the amount raised by super PACs supporting Donald Trump.
Fundraising is not only an indicator of financial strength, but also a reflection of donor support and enthusiasm for candidates. With a significant increase in cash, Donald Trump's campaign can deploy aggressive advertising strategies, organize large events, and expand its support network.
Having more cash also allows Donald Trump's campaign more flexibility to deal with contingencies and compete with President Joe Biden in key battleground states.
On the other hand, Joe Biden’s campaign, despite having less money, can still leverage its existing resources to maintain and increase its presence. Support from billionaires like Mike Bloomberg shows that Joe Biden still receives strong support from influential individuals. This could help him maintain his advantage in the polls and consolidate his position in the race.
Beyond fundraising numbers, other factors such as current political climate, social issues, and the candidates’ ability to campaign also play a role. Donald Trump’s conviction for falsifying business records to cover up hush money payments to a porn star could hurt his image, but it could also galvanize support from his loyal supporters.
Meanwhile, Joe Biden faces challenges from within the Democratic Party and other complex issues, but he also has the advantage of being an incumbent president with the ability to use the White House platform and resources to boost his campaign.
The 2024 US presidential election fundraising race between Donald Trump and Joe Biden is a ruthless financial battle. The final results of the election are still to be seen, and both candidates will continue to compete fiercely to raise more resources and attract voter support. This is not just a race for money, but also a race for public trust and support.
Source: https://congthuong.vn/election-of-the-2024-President-of-the-USA-Donald-Trump-Thus-Tien-Gay-Quy-Khung-Vuot-Mat-President-Joe-Biden-327718.html
Comment (0)