Donald Trump’s ability to raise large amounts of political cash is facing challenges as recent campaign finance reports showed his political operation raised only $13.8 million in January while spending more than they took in. Legal fees from Trump’s various court cases were a major contributor to these costs. Some donors are hesitant to support Trump due to these legal challenges, leading them to back his last standing rival, former U.N. Ambassador Nikki Haley, who outraised Trump by nearly $3 million last month.
Despite these financial challenges, Trump’s campaign continues to be supported by small-dollar donors who are critical of President Joe Biden’s administration. Trump’s campaign spokesperson did not directly address the financial situation but emphasized the support from grassroots donors who are concerned about inflation, border security, and crime. Legal fees dominated Trump’s January expenditures, amounting to $3.7 million of the roughly $15 million spent by the two committees.
Trump’s two committees currently have $36.6 million in cash on hand, significantly less than Biden’s $132 million stockpile. Some donors and Republican National Committee (RNC) members are concerned that Trump may turn to the RNC to help cover his legal bills, as he plans to install his daughter-in-law, Lara Trump, as the party’s No. 2 official. This financial strain on the RNC comes at a time when the party is already facing its own challenges, reporting $8.7 million on hand at the end of January.
Trump’s financial situation is unusual for a frontrunner in a major party’s nomination race, but there is still time for a turnaround. His ability to fundraise may improve once he becomes the nominee and can raise money in partnership with the RNC. Despite facing financial challenges, Trump has a large base of conservative supporters who have contributed to his campaign in the past. His current financial woes echo his 2020 presidential race where he and his aides spent over $1 billion with little to show, and legal fees have been a significant drain, costing over $80 million over the past two years.
Democrats have reacted positively to Trump’s financial challenges, with a Biden campaign spokesperson stating that Trump enters the general election with the weakest operation in recent history. Trump has faced criticism for his spending habits and reliance on legal battles, which have contributed to his current financial strain. Despite these challenges, Trump still has time to turn his financial situation around and rally his base of supporters for the upcoming election.
