Former President Donald Trump and his Republican allies are working to narrow President Biden’s cash advantage as they plan to raise more than $33 million at a fundraiser next week for the presumptive nominee and the Republican National Committee. This fundraising effort aims to surpass the $26 million raised by Mr. Biden in New York recently. The event, scheduled for April 6 in Palm Beach, Florida, will direct donations to the Trump campaign, Save America PAC, and then the RNC and local state parties. The GOP fundraiser comes as the Biden campaign continues to showcase its financial strength, with a recent fundraiser in New York being dubbed the most lucrative political fundraiser in U.S. history.
President Biden’s reelection campaign entered March with $71 million cash on hand, more than double the amount the Trump campaign had at the start of the month. When including funds from the Democratic National Committee and affiliated joint fundraising committees, the Biden war chest stood at $155 million. In contrast, the Trump campaign, the RNC, and PACs supporting Trump had just over $74 million cash on hand to start the month. While the Trump campaign may not match Biden and the Democrats in fundraising, they have seen success in bringing in over $1 million a day and raising $10.6 million in small-dollar donations in the past week.
The fundraising numbers for March for both parties will be confirmed next month when updated federal campaign finance reports are released. Guests invited to Trump’s Florida fundraiser are asked to donate between $250,000 and $814,000 per person, with varying amounts going to the Trump campaign, Save America PAC, and the RNC. The Trump 47 Committee, responsible for diverting money to Save America PAC, presents a new way for GOP donors to potentially contribute to Trump’s legal bills, which have exceeded $10 million this year. Donors can request for their donation to be divided differently, according to the fine print on the dinner invitation.
Hedge fund billionaire John Paulson, who is hosting the fundraiser, expressed overwhelming support for the fundraising efforts, noting that they have raised over $33 million so far. The event has more than three dozen co-chairs, including prominent figures like Woody Johnson, Steve Wynn, and Wilbur Ross. Since becoming the presumptive GOP nominee, Trump has been able to fundraise alongside the RNC and has made changes to the committee’s leadership, appointing Michael Whatley and Lara Trump to key roles. The Trump campaign’s co-campaign manager and senior adviser are also working with the RNC but will maintain their positions with the campaign.
The upcoming fundraiser in Florida highlights the ongoing battle between the Trump camp and Biden’s team to secure financial resources for the upcoming election. With both sides actively engaging in fundraising efforts and mobilizing wealthy donors, the 2024 presidential race is shaping up to be a highly competitive and financially driven campaign.
