The 2024 presidential election is shaping up to be a financial mismatch. President Joe Biden and his Democratic allies are amassing a $140 million war chest, which puts them in a formidable position against their potential Republican rivals.
What Happened: CNBC reported on Thursday that the Biden reelection campaign, Democratic National Committee, joint fundraising committees, and super PACs have a combined $140 million, according to new Federal Election Commission filings.
This substantial financial advantage is a significant boon for the Democratic incumbent, especially as his campaign works to rebuild the voter coalition that secured his 2020 victory.
Former president Donald Trump, the leading GOP candidate, faces challenges in catching up. The Republican National Committee (RNC) has not yet thrown its support behind a primary candidate, and its cash reserves are less than half of the DNC’s.
Trump’s campaign also faces significant expenses, including legal fees for potential criminal trials and the ongoing primary campaign against his sole rival, former U.N. ambassador Nikki Haley.
Why It Matters: The financial disparity between Biden and his potential Republican rivals could significantly impact the 2024 election. This comes at a time when the Republican primary race is still ongoing, with Trump and Haley as the main contenders.
Earlier in January, investor Bill Ackman predicted that Trump would emerge victorious in the 2024 election, a view that was bolstered by Trump’s decisive win in the Iowa Republican caucus.
Meanwhile, Trump and Biden are the two frontrunners to win their party’s nominations for the 2024 presidential election. With polls showing a close battle between the candidates but one trending ahead, a political action committee is ready to spend hundreds of millions on advertising.
On the Republican side, Citadel CEO Ken Griffin, a billionaire and a major Republican campaign donor, has made a significant donation to a political action committee (PAC) supporting former South Carolina Governor Nikki Haley in her bid for the Republican presidential nomination.
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