WASHINGTON – Joe Biden may be struggling against Donald Trump in the polls ahead of November’s US presidential election but his numbers are looking good in one department: campaign cash.
The Democrat holds a widening lead over his Republican rival in the fund-raising stakes, while Trump is burning through legal fees as he battles multiple criminal and civil cases.
The cash crunch has also given 81-year-old Mr Biden a new line of attack on the campaign trail, as he mocks the self-proclaimed billionaire tycoon for his mounting financial woes.
“Just the other day, a defeated-looking guy came up to me and said, ‘Mr President, I need your help, I’m being crushed with debt, I’m completely wiped out,’“ he told a fund-raising event in Dallas, Texas on March 20.
“Donald, I’m sorry, I can’t help you,” Mr Biden said he responded, in a punchline that drew laughs and applause from an audience of supporters.
Mr Biden’s financial advantage may help calm Democratic nerves as America’s oldest president suffers from record low approval ratings less than seven months from his rematch with Trump.
Mr Biden’s campaign boasted US$71 million (S$95 million) of cash in hand at the end of February – more than double Trump’s US$33.5 million, filings with the US Federal Election Commission showed on March 20.
The incumbent’s campaign raised US$21.3 million in February alone, again nearly double Trump’s US$10.9 million. Mr Biden, meanwhile, spent US$6.3 million in the month, but Trump spent more – US$7.8 million.
Those figures, however, don’t show the complete picture for either candidate, as filings from their various fund-raising committees won’t be made until April.
Mr Biden’s campaign said at the weekend that it had raised more than US$53 million in February, leaving it with a “historic” total of US$155 million, which it said was the most by any Democrat at this stage in the election cycle.
‘Dumpster fire’
Perhaps the most worrying element for Trump are his giant legal fees, as he faces criminal cases including for trying to subvert his 2020 election loss and keeping secret documents.
Lawyers’ bills accounted for a huge US$5.6 million of the money spent in February by Trump’s Save America political action committee – money that could otherwise be going towards campaigning and TV spots.
The figures add to Trump’s woes as he struggles to raise a US$464 million bond to appeal a fine by a New York court for fraudulently inflating his wealth.
The 77-year-old now faces having his assets seized in a humiliating blow to his carefully cultivated image as a dealmaker and self-made tycoon.
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