In May, former President Donald Trump significantly outpaced President Joe Biden in fundraising, effectively erasing Biden’s longstanding cash advantage as the two prepare for a potential rematch in the upcoming election.
By the end of May, Trump’s campaign had amassed $116.6 million, while Biden’s campaign held $91.6 million. This shift wasn’t due to a lackluster fundraising effort from Biden; in fact, his campaign experienced a notable rebound in May after a weaker performance the previous month. However, Trump’s fundraising efforts, particularly during his trial in New York and culminating in a conviction, propelled him ahead in campaign funds, an area previously seen as a critical strength for Biden.
Federal Election Commission filings reveal that while Biden has been expanding his campaign infrastructure, Trump has largely conserved his cash reserves. Down-ballot races are also intensifying, with various party committees and outside groups increasing their financial activities.
Trump’s campaign and the Republican National Committee (RNC) reported raising $141 million in May, a figure bolstered by a surge in donations following Trump’s criminal conviction on hush money charges. The exact breakdown of this amount will be available when Trump’s joint fundraising committees file their reports in mid-July. Notably, Trump’s campaign saw a significant spike in large-dollar donations on the days surrounding the guilty verdict, with at least six times the usual daily donations reported during that period. This surge likely underestimates the actual fundraising boost, as it doesn’t account for unitemized donations under $200 or contributions not yet transferred from joint fundraising committees.
By the end of May, Trump’s campaign and the RNC combined had over $170 million in cash, surpassing Biden and the Democratic National Committee (DNC), which reported just under $157 million. While Trump’s conviction drove grassroots fundraising, traditional Republican donors also ramped up their contributions as the general election cycle began. The pro-Trump super PAC, Make America Great Again Inc., raised nearly $70 million in May, largely due to a $50 million donation from Timothy Mellon, a prominent GOP donor. Mellon had previously contributed $25 million to the super PAC since the beginning of last year. Additionally, Richard and Elizabeth Uihlein, longtime GOP donors, each donated $5 million to the super PAC.
Despite Trump’s surge, Biden’s fundraising efforts also saw improvement. His campaign, the DNC, and two joint fundraising committees raised $85 million in May, a significant increase from the $51 million raised the previous month. However, Biden’s campaign expenditures were notably higher, spending over $30 million compared to Trump’s campaign, which spent considerably less. Biden’s campaign focused heavily on ad buys and media production, accounting for about two-thirds of its expenditures. In contrast, Trump’s campaign had lower payroll expenses, with many staffers now on the RNC’s payroll instead.
As the summer progresses, a key question will be how Trump chooses to utilize his newly amassed funds to match Biden’s campaign efforts.
Meanwhile, Robert F. Kennedy Jr.’s campaign has faced significant fundraising challenges. In May, his campaign spent more than it raised, and the primary super PAC supporting him only brought in $281,000, despite having over $19 million in reserve. This lack of fundraising success highlights Kennedy’s struggle to expand his support base and gain momentum, which could pose practical challenges for his campaign as the election approaches.
Down-ballot races are also becoming more competitive. Both the Democratic Congressional Campaign Committee (DCCC) and the National Republican Congressional Committee (NRCC) set new fundraising records in May, with the NRCC out-raising the DCCC for the first time this year. The NRCC credited Trump’s conviction for a surge in small-dollar donations, demonstrating the trickle-down effect of his fundraising prowess. Despite the NRCC’s success, the DCCC has raised more overall this cycle and maintains a cash advantage.
Similarly, the National Republican Senatorial Committee (NRSC) outraised the Democratic Senatorial Campaign Committee (DSCC) in May, continuing its monthly fundraising dominance this year. However, the DSCC still holds a slight cash advantage.
The American Israel Public Affairs Committee (AIPAC) has also been actively directing funds towards its endorsed candidates in key Democratic primaries. In May, AIPAC raised significant amounts for George Latimer and Wesley Bell, who are challenging incumbents Rep. Jamaal Bowman and Rep. Cori Bush, respectively. AIPAC’s affiliated super PAC, United Democracy Project, spent heavily in these races, reflecting the group’s prioritization of these contests.
Additionally, AIPAC funneled funds into a competitive Democratic congressional primary in Oregon. Two super PACs, 314 Action Fund and Voters for Responsive Government, received substantial donations from AIPAC affiliates and spent heavily in support of State Rep. Maxine Dexter, who won her primary convincingly against Susheela Jayapal.
These campaign finance reports highlight the intensifying financial battles across the political spectrum as the election approaches, with significant implications for both presidential and down-ballot races.
