Former Vice President Joe Biden and President Donald Trump combined with the Democratic and Republican parties to raise well over a quarter-billion dollars in June, setting new high-water marks for both men in 2020 and obliterating June fundraising records from previous presidential cycles.
Biden and Trump each raised more last month than what Trump and Hillary Clinton combined to collect in June 2016 — a sign of the dizzying costs of a 2020 campaign that is already saturating the airwaves and screens in the most crucial battleground states.
For the second consecutive month, Biden’s haul ($141 million) was bigger than Trump’s ($131 million), a striking reversal after Biden had financially limped and skimped through much of 2019 and early 2020.
Biden had raised less than $9 million in a month as recently as January. But the former vice president’s upward trajectory has been dizzying ever since he became the presumptive Democratic nominee this spring: He raised just over $60 million with the Democratic National Committee in April, $80.8 million in May and then $141 million in June.
If Biden’s newfound gusher of money was the biggest storyline of the latest fundraising figures, the resilience of Trump’s donors despite a month of bad headlines and even worse polling indicated that both sides are likely to be awash in money all the way through the November election.
“What is happening for both parties is each side recognizes all the chips are in the middle of the table,” said Jeff Roe, a top Republican strategist who served as campaign manager for Sen. Ted Cruz’s 2016 presidential bid. “This is not a small-ball election with little things being debated at the edges.”
Top Democratic donors, fundraisers and strategists said the biggest difference for Biden was that he is now running against only Trump, instead of his fellow Democrats, and is able to draw support from the full diverse spectrum of the party.
Trump still maintains an enviable war chest that stands at $295 million. The Biden campaign has declined to disclose a full accounting of its cash on hand, but past spending patterns suggest the former vice president has sharply cut into Trump’s lead even as he remains significantly behind the president.