After the final 2020 presidential debate, President Trump’s campaign received a welcome boost in campaign funding.
The Trump campaign and the RNC reported a $26 million jump in online fundraising the day following the debate. Trump Campaign manager Bill Stepien described the success as “our biggest online fundraising day ever.”
Even after the Trump campaign’s post-debate fundraising bump, the Biden campaign enjoys a significant lead in fundraising.
The Biden campaign raised over $130 million in the first two weeks of October and spent $145 million according to the Federal Election Commission.
Biden has $163 million cash on hand while Trump has $43 million cash-on-hand.
Overall, the Democrats have outraised the Republicans, and even themselves. In 2016, Hillary Clinton and the Democrats raised around $1.5 billion. The 2020 numbers are more than double that figure at about $3.5 billion so far.
The Trump campaign trails the Biden campaign in fundraising and spending, but President Trump downplayed the need to beat Biden at fundraising.
He addressed the issue during the last presidential debate, stating, “We don’t need money, we have plenty of money. In fact, we beat Hillary Clinton with a tiny fraction of the money that she raised.”